Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 (76 of 2023)

Schedule 2   ALRC Financial Services Interim Report: single glossary of defined terms

Part 1   Amendments

Division 9   Terms relating to financial services and markets

Corporations Act 2001

431   Section 910A

Repeal the section, substitute:

910A Meaning of some terms relating to licensing of providers of financial services

In this Act:

body corporate licensee means a body corporate that:

(a) is a financial services licensee; and

(b) is authorised to provide personal advice to retail clients in relation to relevant financial products.

class of product advice means financial product advice about a class of products, but does not include a recommendation about a specific product in the class.

CPD year (short for continuing professional development year): a financial services licensee's CPD year is the 12-month period beginning on the day of the year included in the most recent notice given by the licensee under section 922HA.

foreign qualification means a bachelor or higher degree, or equivalent qualification, awarded by a tertiary education institution outside Australia.

limited-service time-sharing adviser : a person is a limited-service time-sharing adviser if:

(a) the person is a relevant provider; and

(b) the only relevant financial product that the person provides advice in relation to is a time-sharing scheme; and

(c) the person has not met any one or more of the education and training standards in subsections 921B(2) to (4).

qualified tax relevant provider : a person is a qualified tax relevant provider if:

(a) the person is a relevant provider; and

(b) if a determination is in force under subsection 921BB(1) - the person meets each requirement set out in the determination that is of a kind mentioned in any of paragraphs (a) to (d) of that subsection.

relevant financial products means financial products other than:

(a) basic banking products; or

(b) general insurance products; or

(c) consumer credit insurance; or

(d) a combination of any of those products.

relevant provider : a person is a relevant provider if the person:

(a) is an individual; and

(b) is:

(i) a financial services licensee; or

(ii) an authorised representative of a financial services licensee; or

(iii) an employee or director of a financial services licensee; or

(iv) an employee or director of a related body corporate of a financial services licensee; and

(c) is authorised to provide personal advice to retail clients, as the licensee or on behalf of the licensee, in relation to relevant financial products.