Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023 (69 of 2023)

Schedule 4   Miscellaneous and technical amendments

Part 1   Amendments commencing day after Royal Assent

Division 12   Application provisions relating to financial advisers

Corporations Act 2001

61   After subsection 1684D(6)

Insert:

(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.