Financial Sector Reform (Hayne Royal Commission Response - Better Advice) Act 2021 (115 of 2021)

Schedule 1   Initial amendments

Part 1   Main amendments

Corporations Act 2001

42   At the end of section 921B

Add:

Determinations by Minister

(6) The Minister may, by legislative instrument, do any or all of the following in one or more determinations:

(a) approve bachelor or higher degrees, or equivalent qualifications, for the purposes of paragraph (2)(a);

(b) approve principles for the purposes of subsection (3);

(c) set requirements for work and training for the purposes of subsection (4);

(d) set requirements for continuing professional development for the purposes of subsection (5) in relation to the CPD year of a financial services licensee, the period mentioned in subsection 1546E(5), or any other period determined by the Minister.

(7) Before exercising the power in subsection (6), the Minister must be satisfied that doing so is necessary or desirable to ensure that relevant providers are adequately trained and competent to provide personal advice to retail clients in relation to relevant financial products.