Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 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.

"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.

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