Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.57 - TRANSITIONAL PROVISIONS RELATING TO THE FINANCIAL SECTOR REFORM (HAYNE ROYAL COMMISSION RESPONSE - BETTER ADVICE) ACT 2021 AND RELATED MEASURES  

Division 1 - Definitions  

SECTION 1684   DEFINITIONS  

1684(1)    
In this Part:

amending Act
means the Financial Sector Reform (Hayne Royal Commission Response - Better Advice) Act 2021 .

exam cut-off day
, for an existing provider, means:

(a) if, on 1 January 2022, regulations made for the purposes of paragraph 1684B(a) prescribe a day in relation to the existing provider - that day; or

(b) otherwise - 1 January 2022.

existing provider
has the meaning given by section 1546A .

experienced provider
: a person is an experienced provider if:

(a) the person is an individual; and

(b) on a day within the period (the qualifying period ) beginning on 1 January 2007 and ending on 31 December 2021, the person was, under this Act as in force on that day:

(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) the person was, under this Act as in force on that day, authorised to provide personal advice to retail clients in relation to any financial product other than:

(i)a general insurance product; or

(ii) a consumer credit insurance product; or

(iii) for a day within the qualifying period that is on or after 1 July 2012 - a basic banking product; and

(d) the person satisfies paragraphs (b) and (c) for at least 10 years (that is, 3,650 days) within the qualifying period (whether consecutive or not); and

(e) before the end of the qualifying period, the person has never:

(i) been banned or disqualified under Division 8 of Part 7.6 as in force at that time; or

(ii) given an undertaking under section 93AA or 171E of the ASIC Act as in force at that time.

old Tax Agent Services Act
means the Tax Agent Services Act 2009 as in force immediately before 1 January 2022.

registered tax (financial) adviser
has the meaning given by the old Tax Agent Services Act.

relevant provider
(Repealed by No 75 of 2023, s 3, Sch 2[4] (effective 21 September 2023).)

second amending Act
means the Treasury Laws Amendment (2023 Measures No. 3) Act 2023 .

standards body
has the meaning given by section 910A , as in force immediately before 1 January 2022.

1684(2)    

An expression used in this Part that is also used in Part 7.6 has the same meaning as in Part 7.6 .

Division 2 - Transitional provisions for existing providers  

SECTION 1684AA   EXPERIENCED PROVIDER PATHWAY  

Recognising experience

1684AA(1)    
Despite anything else in this Part, a person (the experienced person ) who:

(a)    is an experienced provider; and

(b)    if the experienced person is an existing provider and is a relevant provider at the start of their exam cut-off day - meets the education and training standard in subsection 921B(3) at or before the start of that day;

is taken to meet the education and training standards in subsections 921B(2) and (4) if the experienced person makes a declaration under subsection (2) of this section.

1684AA(2)    
For the purposes of subsection (1) , the experienced person may make a written declaration confirming the experienced person satisfies the definition of experienced provider in subsection 1684(1) .

Note 1: If, on 1 January 2026, the experienced person is an existing provider and has not met the standards, the person may:

(a) cease to be a relevant provider (see subsection 1684D(7) ); and

(b) contravene subsection 911A(1) , 911B(1) , 921BA(1) or 921BA(3) and consequently commit an offence or be liable to a civil penalty.

Note 2: If the experienced person is required to meet the standards but has not otherwise done so, the person cannot (without first making the declaration):

(a) be granted an Australian financial services licence covering the provision of personal advice (see paragraph 921C(1)(a) ); or

(b) be given an authorisation to provide personal advice (see subsections 921C(2) to (4) ).

Note 3: A person may commit an offence or contravene a civil penalty provision if the person gives false or misleading information (see section 1308 of this Act and section 137.1 of the Criminal Code ).

Requirement to lodge notice

1684AA(3)    
A notice relating to the experienced person must be lodged with ASIC under this section in the prescribed form if the experienced person meets the education and training standards in subsections 921B(2) and (4) (the standards ) because of subsection (1) of this section.

Note 1: For how to lodge a notice in the prescribed form, see section 350 .

Note 2: The prescribed form may deal with information required under various sections (for example, sections 922D to 922L ) of this Act.

Who must lodge notice

1684AA(4)    
The notice must be lodged by:

(a)    if the experienced person is a financial services licensee - the experienced person; or

(b)    otherwise - each financial services licensee on whose behalf the experienced person is authorised to provide personal advice to retail clients in relation to relevant financial products.

When notice must be lodged

1684AA(5)    
A person who must lodge the notice (the lodger ) must do so within 30 business days after:

(a)    if the experienced person:

(i) makes the declaration under subsection (2) before 1 July 2024; and

(ii) if paragraph (4)(b) applies - gives the declaration to the lodger before 1 July 2024;

1 July 2024; or

(b)    otherwise - the later of:

(i) the day the experienced person makes the declaration under subsection (2) ; and

(ii) if paragraph (4)(b) applies - the day the experienced person gives the declaration to the lodger.

Content of notice

1684AA(6)    
The notice must include:

(a)    the experienced person ' s name; and

(b)    the address of the experienced person ' s principal place of business; and

(c)    a written statement by the lodger to the effect that:

(i) if paragraph (4)(a) applies - they have met the standards because of subsection (1) ; or

(ii) if paragraph (4)(b) applies - they have received a copy of the experienced person ' s declaration made under subsection (2) .

Requirement to give licensees the declaration

1684AA(7)    
If paragraph (4)(b) applies, the experienced person must:

(a)    give each licensee mentioned in that paragraph a copy of the experienced person ' s declaration made under subsection (2) ; and

(b)    do so as soon as practicable after making the declaration.

Register of Relevant Providers

1684AA(8)    
Subsection 922Q(2) applies as if the details that must be entered on the Register of Relevant Providers in respect of a person who is or was a relevant provider included whether a notice has been lodged with ASIC under this section in relation to the person.

Failing to lodge notice

1684AA(9)    

Section 922M applies in relation to a person who must lodge a notice under this section in a corresponding way to the way that section applies in relation to a person required to cause a notice to be lodged under a provision referred to in subsection 922L(1) .

Note: Section 922M provides an offence and civil penalty for failing to lodge certain notices.

SECTION 1684A   APPLICATION - QUALIFICATIONS FOR EXISTING PROVIDERS  

Existing providers who are relevant providers on 1 January 2026

1684A(1)    
Subsection 921BA(1) and subsection 921BA(5) in so far as it relates to subsection 921BA(1) , as inserted by Schedule 1 to the amending Act, apply on and after 1 January 2026 in relation to an existing provider who is a relevant provider if the existing provider is a relevant provider on 1 January 2026.

Existing providers who are not relevant providers on 1 January 2026

1684A(2)    

If an existing provider who is a relevant provider is not a relevant provider on 1 January 2026, subsection 921BA(1) and subsection 921BA(5) in so far as it relates to subsection 921BA(1) , as inserted by Schedule 1 to the amending Act, apply on and after 1 January 2026 in relation to the existing provider as if the reference in subsection 921BA(1) , as inserted by Schedule 1 to the amending Act, to meeting the education and training standard in subsection 921B(2) , as amended by Schedule 2 to the second amending Act, were a reference to:

(a)    meeting the education and training standard in subsection 921B(2) , as amended by Schedule 2 to the second amending Act; or

(b)    completing one or more courses determined by the Minister under subsection 1684E(1) to give the existing provider qualifications equivalent to that standard.

SECTION 1684B  

1684B   APPLICATION - EXAM FOR EXISTING PROVIDERS  

Subsection 921BA(2) and subsection 921BA(5) in so far as it relates to subsection 921BA(2) , as inserted by Schedule 1 to the amending Act, apply, in relation to an existing provider who is a relevant provider, on and after:

(a)    if, on 1 January 2022, regulations made for the purposes of this paragraph prescribe a day in relation to the existing provider - that day; or

(b)    otherwise - 1 January 2022.

SECTION 1684C   APPLICATION - EXISTING PROVIDERS WHO MEET CERTAIN EDUCATION AND TRAINING STANDARDS EXEMPT FROM WORK AND TRAINING REQUIREMENT  

1684C(1)    
Subsection 921BA(3) and subsection 921BA(5) in so far as it relates to subsection 921BA(3) , as inserted by Schedule 1 to the amending Act, do not apply in relation to an existing provider who is a relevant provider.

1684C(2)    
Subsection (1) has effect subject to subsections (3) and (4) .

Consequences of failing to gain qualifications for existing providers who are relevant providers on certain days

1684C(3)    
The provisions mentioned in subsection (1) apply, in relation to an existing provider who is a relevant provider, on and after 1 January 2026 if (and only if), at the start of that day:

(a)   the existing provider is a relevant provider; and

(b)    

the existing provider has not:

(i) met the education and training standard in subsection 921B(2) , as amended by Schedule 2 to the second amending Act; or

(ii) completed one or more courses determined by the Minister under subsection 1684E(1) to give the existing provider qualifications equivalent to that standard.

Consequences of failing to pass exam for existing providers who are relevant providers on certain days

1684C(4)    
The provisions mentioned in subsection (1) apply to an existing provider who is a relevant provider on and after the exam cut-off day for the existing provider, if (and only if), at the start of that day:

(a)    the existing provider is a relevant provider; and

(b)    the existing provider has not met the education and training standard in subsection 921B(3) , as amended by Schedule 1 to the amending Act.

SECTION 1684D   APPLICATION - LIMITATION ON AUTHORISATION OF EXISTING PROVIDERS TO PROVIDE PERSONAL ADVICE  

1684D(1)    
The following provisions (the relevant provisions ), as inserted by Schedule 1 to the amending Act, do not apply in relation to an existing provider:

(a)    paragraph 921C(1)(a) ;

(b)    paragraphs 921C(2)(a) and (b) ;

(c)    paragraphs 921C(3)(a) and (b) ;

(d)    paragraphs 921C(4)(a) and (b) .

1684D(2)    
Subsection (1) has effect subject to subsections (3) and (5) .

Consequences of failing to gain qualifications

1684D(3)    
Subject to subsection (4) , the relevant provisions begin to apply on 1 January 2026, in relation to an existing provider if, at the start of that day, the existing provider has not:

(a)    

met the education and training standard in subsection 921B(2) , as amended by Schedule 2 to the second amending Act; or

(b)    completed one or more courses determined by the Minister under subsection 1684E(1) to give the existing provider qualifications equivalent to that standard.

Note: The relevant provisions may apply to an existing provider before 1 January 2026 if the existing provider fails to pass the exam by the exam cut-off day (see subsection (5) ).

Exemption in relation to existing providers who are not relevant providers on 1 January 2026

1684D(4)    
If, under subsection (3) , the relevant provisions begin to apply to an existing provider who is not a relevant provider on 1 January 2026, the relevant provisions apply in relation to the existing provider as if:

(a)    

a reference in them to meeting the education and training standard in subsection 921B(2) , as amended by Schedule 2 to the second amending Act, were a reference to:

(i) meeting the education and training standard in that subsection; or

(ii) completing one or more courses determined by the Minister under subsection 1684E(1) to give the existing provider qualifications equivalent to that standard; and

(b)    they did not include a reference to the education and training standard in subsection 921B(4) , as amended by Schedule 1 to the amending Act, or a reference to undertaking work and training in accordance with that subsection.

Consequences of failing to pass exam

1684D(5)    
Subject to subsection (6) , the relevant provisions begin to apply, in relation to an existing provider, on the exam cut-off day for the existing provider if, at the start of that day, the existing provider has not met the education and training standard in subsection 921B(3) , as amended by Schedule 1 to the amending Act.

Exemption in relation to existing providers who are not relevant providers on exam cut-off day

1684D(6)    
If, under subsection (5) , the relevant provisions begin to apply to an existing provider who is not a relevant provider on the exam cut-off day for the existing provider, the relevant provisions apply in relation to the existing provider as if:

(a)    

they did not include a reference to the education and training standard in subsection 921B(2) , as amended by Schedule 2 to the second amending Act; and

(b)    they did not include a reference to the education and training standard in subsection 921B(4) , as amended by Schedule 1 to the amending Act, or a reference to undertaking work and training in accordance with that subsection.

1684D(6A)    

If an existing provider in relation to whom the relevant provisions begin to apply under subsection (6) has not, at the start of 1 January 2026, satisfied paragraph (3)(a) or (b) (which are about qualifications), then, from 1 January 2026:

(a)    for an existing provider who is a relevant provider on 1 January 2026 - the relevant provisions apply in relation to the existing provider without the modifications set out in paragraphs (6)(a) and (b) ; and

(b)    for an existing provider who is not a relevant provider on 1 January 2026 - the relevant provisions apply in relation to the existing provider:

(i) without the modifications set out in paragraphs (6)(a) and (b) ; and

(ii) with the modifications set out in paragraphs (4)(a) and (b) .

Note: This subsection sets out the consequences for the provider of failing to gain qualifications by 1 January 2026. These consequences differ depending on whether the provider is or is not a relevant provider on that day. If the provider is a relevant provider, they will need to meet the education and training standards. If the provider is not a relevant provider, they will need to gain qualifications but will not need to meet the work and training-related standards.

Consequences of relevant provisions beginning to apply to existing provider

1684D(7)    
If, on a particular day, any of the relevant provisions begin to apply to an existing provider who is a relevant provider, the existing provider is taken for the purposes of this Act to have ceased to be a relevant provider on that day.

1684D(8)    
Subsection (7) does not prevent the existing provider again becoming a relevant provider.

SECTION 1684E   TRANSITIONAL - MINISTER MAY DETERMINE COURSES FOR CERTAIN PURPOSES  

1684E(1)    
The Minister may, by legislative instrument, determine courses for the purposes of the following provisions:

(a)    paragraph 1684A(2)(b) ;

(b)    subparagraph 1684C(3)(b)(ii) ;

(c)    paragraph 1684D(3)(b) ;

(d)    subparagraphs 1684D(4)(a)(ii) and (6)(a)(ii) .

Saving of determinations made by standards body

1684E(2)    
A determination that:

(a)    was made under subsection 1546B(7) , as in force immediately before 1 January 2022; and

(b)    was in force immediately before that day;

continues in force (and may be dealt with) on and after that day as if it had been made under subsection (1) of this section.

Division 3 - Other transitional provisions relating to the amending Act  

SECTION 1684F  

1684F   TRANSITIONAL - EXAMS  

If, immediately before 1 January 2022, a person met the education and training standard in subsection 921B(3) , as in force at that time, the person is taken, at and after that time, to have met the education and training standard in subsection 921B(3) , as amended by Schedule 1 to the amending Act.

SECTION 1684G  

1684G   APPLICATION - CONTINUING PROFESSIONAL DEVELOPMENT  

Subsection 921BA(4) and subsection 921BA(5) in so far as it relates to subsection 921BA(4) , as inserted by Schedule 1 to the amending Act, apply in relation to a financial services licensee ' s CPD year that begins on or after 1 January 2022.

SECTION 1684H  

1684H   APPLICATION - ACTION AGAINST RELEVANT PROVIDERS  

Section 921K , as inserted by Schedule 1 to the amending Act, applies in relation to an act or omission by a relevant provider that occurs, or a circumstance that arises in relation to a relevant provider, on or after 1 January 2022.

SECTION 1684J  

1684J   APPLICATION - RECOMMENDATIONS TO ASIC IN RELATION TO RESTRICTED CIVIL PENALTY PROVISIONS  

Section 921Q , as inserted by Schedule 1 to the amending Act, applies in relation to an act or omission by a relevant provider that occurs on or after 1 January 2022.

SECTION 1684K  

1684K   APPLICATION - WARNINGS AND REPRIMANDS  

Sections 921S and 921T , as inserted by Schedule 1 to the amending Act, apply in relation to an act or omission by a relevant provider that occurs, or a circumstance that arises in relation to a relevant provider, on or after 1 January 2022.

SECTION 1684L  

1684L   APPLICATION - REQUIREMENT FOR RELEVANT PROVIDERS TO BE REGISTERED  
(Repealed by No 101 of 2023, s 3, Sch 1[20] (effective 28 November 2023).)

SECTION 1684M  

1684M   SAVING - DETERMINATIONS MADE FOR EDUCATION AND TRAINING STANDARDS  

An instrument that:

(a)    was made under subparagraph 921U(2)(a)(i) , (iii) or (iv) , as in force immediately before 1 January 2022; and

(b)    was in force immediately before that day;

continues in force (and may be dealt with) on and after that day as if it had been made under subsection 921B(6) , as added by Schedule 1 to the amending Act.

SECTION 1684N  

1684N   SAVING - WORD OR EXPRESSION TO REFER TO A PROVISIONAL RELEVANT PROVIDER  

A determination that:

(a)    was made under subparagraph 921U(2)(a)(v) , as in force immediately before 1 January 2022; and

(b)    was in force immediately before that day;

continues in force (and may be dealt with) on and after that day as if it had been made under subsection 923C(9A) , as inserted by Schedule 1 to the amending Act.

SECTION 1684P  

1684P   SAVING - CODE OF ETHICS  

The Code of Ethics that:

(a)    was made under paragraph 921U(2)(b) , as in force immediately before 1 January 2022; and

(b)    was in force immediately before that day;

continues in force (and may be dealt with) on and after that day as if it had been made under section 921E , as amended by Schedule 1 to the amending Act.

SECTION 1684Q  

1684Q   TRANSITIONAL - APPROVALS OF FOREIGN QUALIFICATIONS  

An application for approval of a foreign qualification that:

(a)    was made under subsection 921V(1) , as in force immediately before 1 January 2022; and

(b)    had not been finally determined at the start of that day;

may be dealt with, on and after that day, as if it had been made under subsection 921G(1) , as added by Schedule 1 to the amending Act.

SECTION 1684R  

1684R   SAVING - APPROVALS OF FOREIGN QUALIFICATIONS THAT ARE IN FORCE  

An approval of a foreign qualification that:

(a)    was given under paragraph 921V(3)(a) , as in force immediately before 1 January 2022; and

(b)    was in force immediately before that day;

continues in force (and may be dealt with) on and after that day as if it had been given under paragraph 921G(2)(a) , as added by Schedule 1 to the amending Act.

SECTION 1684S  

1684S   TRANSITIONAL - APPROVALS OF FOREIGN QUALIFICATIONS THAT ARE NOT YET IN FORCE  

If:

(a)    for the purposes of approving a foreign qualification for a person, one or more courses were specified for the person under subsection 921V(5) , as in force immediately before 1 January 2022; and

(b)    immediately before that day, the person had not completed all of those courses;

section 921G , as added by Schedule 1 to the amending Act, has effect on and after that day, as if the courses were specified for the person under subparagraph 921G(3)(b)(i) .

SECTION 1684T   TRANSITIONAL - ORDERS UNDER SECTION 30-20 OF THE OLD TAX AGENT SERVICES ACT  

1684T(1)    
This section applies if a relevant provider does not comply with:

(a)    an order under section 30-20 of the old Tax Agent Services Act that is in force against the relevant provider immediately before 1 January 2022; or

(b)    an order made on or after that day against the relevant provider, in relation to an act or omission before that day, under section 30-20 of the old Tax Agent Services Act.

Action by Financial Services and Credit Panels

1684T(2)    
If no other Financial Services and Credit Panel has taken action against the relevant provider under this subsection, a Financial Services and Credit Panel may do one of the following:

(a)    give the relevant provider a warning or reprimand;

(b)    make an instrument of a kind specified in subsection 921L(1) , as inserted by Schedule 1 to the amending Act, in relation to the relevant provider.

Action by ASIC

1684T(3)    
If no Financial Services and Credit Panel has taken action against the relevant provider under subsection (2) , ASIC may make an order against the relevant provider.

1684T(4)    
If:

(a)    no Financial Services and Credit Panel has taken action against the relevant provider under subsection (2) ; and

(b)    ASIC has not made an order against the relevant provider under subsection (3) ;

ASIC must give the relevant provider a warning or reprimand.

Application of Act to action taken by Financial Services and Credit Panels under subsection (2)

1684T(5)    
This Act applies in relation to a warning or reprimand given under paragraph (2)(a) as if the warning or reprimand were given under subsection 921T(1) , as inserted by Schedule 1 to the amending Act.

1684T(6)    
This Act applies in relation to an instrument made, or proposed to be made, under paragraph (2)(b) as if the instrument were made, or proposed to be made, under subsection 921K(1) , as inserted by Schedule 1 to the amending Act.

Application of Act to action taken by ASIC under subsection (3) or (4)

1684T(7)    
This Act applies in relation to an order made, or proposed to be made, under subsection (3) as if the order were a banning order.

1684T(8)    
This Act applies in relation to a warning or reprimand given under subsection (4) as if the warning or reprimand were given under subsection 921S(1) , as inserted by Schedule 1 to the amending Act.

SECTION 1684U   TRANSITIONAL - DEEMED REGISTRATION OF CERTAIN RELEVANT PROVIDERS  

1684U(1)    
This section applies in relation to a person if:

(a)    the person is a relevant provider; and

(b)    immediately before 1 January 2022, either:

(i) the person was a registered tax (financial) adviser; or

(ii) an application under section 20-20 of the old Tax Agent Services Act for the registration of the person as a registered tax (financial) adviser had not been finally determined; or

(iii) an application under section 20-50 of the old Tax Agent Services Act for the renewal of the person ' s registration as a registered tax (financial) adviser had not been finally determined; and

(c)    on or after 1 January 2022, either:

(i) the person ' s registration as a registered tax (financial) adviser continues in force because of item 139 of Schedule 1 to the amending Act; or

(ii) the person ' s registration, or renewed registration, as a registered tax (financial) adviser comes into force because of item 140 of Schedule 1 to the amending Act.

1684U(2)    
On andafter the application day for the person, this Act applies in relation to the person as if:

(a)    the person were registered under subsection 921ZC(1) , as inserted by Schedule 1 to the amending Act, because of an application in accordance with:

(i) if the relevant provider is a financial services licensee - section 921ZA , as inserted by Schedule 1 to the amending Act; or

(ii) if the relevant provider is not a financial services licensee - section 921ZB , as inserted by Schedule 1 to the amending Act; and

(b)    the person ' s registration under subsection 921ZC(1) , as inserted by Schedule 1 to the amending Act, came into force on the application day for the person.

1684U(3)    
For the purposes of this section, the application day for a person is:

(a)    if the person ' s registration continues in force because of item 139 of Schedule 1 to the amending Act - 1 January 2022; or

(b)    if the person ' s registration, or renewed registration, is in force because of item 140 of Schedule 1 to the amending Act - the day the registration, or renewed registration, comes into force under that item.

SECTION 1684V   TRANSITIONAL - TRANSFER OF DOCUMENTS  

1684V(1)    
After 1 January 2022, any document that:

(a)    was in the possession of a director or employee of the standards body immediately before that day; and

(b)    relates to the functions of the standards body (other than the exam function);

is to be transferred to the Secretary of the Department.

1684V(2)    
After 1 January 2022, any document that:

(a)    was in the possession of a director or employee of the standards body immediately before that day; and

(b)    relates to the exam function of the standards body;

is to be transferred to ASIC.

1684V(3)    
In this section:

exam function
means the function mentioned in paragraph 921U(1)(d), as in force immediately before 1 January 2022.

Division 3A - Transitional provisions relating to the second amending Act  

SECTION 1684VA  

1684VA   APPLICATION OF AMENDMENT - APPROVAL OF DOMESTIC QUALIFICATIONS  

Section 921GA , as inserted by Part 2 of Schedule 2 to the second amending Act, applies in relation to an application made under that section on or after the commencement of that Part, whether the degree or qualification to which the application relates was completed before, on or after that commencement.

SECTION 1684VB   TRANSITIONAL - DETERMINATION APPROVING DEGREES AND QUALIFICATIONS  

1684VB(1)    
This section applies to a determination that is in force immediately before the commencement of Part 2 of Schedule 2 to the second amending Act:

(a)    under subsection 921B(6) ; and

(b)    for the purposes of paragraph 921B(2)(a) .

1684VB(2)    
The determination continues in force (and may be dealt with) on and after that commencement as if the determination had been made:

(a)    under subsection 921B(6) , as amended by that Part; and

(b)    for the purposes of paragraph 921B(2)(a) , as substituted by that Part.

SECTION 1684VC   CERTAIN REQUIREMENTS FOR REGISTERED TAX AGENTS  

1684VC(1)    
For the purposes of applying subsection 921C(1) to the licensing of a registered tax agent during the period:

(a)    starting on 1 January 2022; and

(b)    ending immediately before the commencement of Part 3 of Schedule 2 to the second amending Act;

treat the registered tax agent as having met each requirement referred to in subparagraph 921C(1)(b)(ii) or (c)(ii) .

1684VC(2)    
For the purposes of applying subsection 921C(2) , (3) or (4) to the authorisation of a registered tax agent during the period:

(a)    starting on 1 January 2022; and

(b)    ending immediately before the commencement of Part 3 of Schedule 2 to the second amending Act;

treat the registered tax agent as having met each requirement referred to in subparagraph (c)(ii) of that subsection.