Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 921BA

Qualifications

  (1)   A relevant provider must meet the education and training standard in subsection   921B(2).

Exam

  (2)   A relevant provider must meet the education and training standard in subsection   921B(3).

Work and training

  (3)   A relevant provider must either:

  (a)   meet the education and training standard in subsection   921B(4); or

  (b)   be undertaking work and training in accordance with that subsection.

Continuing professional development

  (4)   A relevant provider must comply with subsection   921B(5):

  (a)   in the case of a relevant provider who is a financial services licensee--during the licensee's CPD year; or

  (b)   in the case of a relevant provider who is authorised to provide personal advice to retail clients, on behalf of a financial services licensee, in relation to relevant financial products--during the licensee's CPD year.

Note:   Section   922HB requires a notice to be given at the end of a financial services licensee's CPD year if a relevant provider has not complied with this subsection during that year.

Civil liability

  (5)   A person contravenes this subsection if the person contravenes subsection   (1), (2), (3) or (4).

Note 1:   This subsection is a restricted civil penalty provision (see sections   921Q and   1317E).

Note 2:   ASIC or a Financial Services and Credit Panel may take certain other action against a relevant provider who contravenes subsection   (1), (2), (3) or (4) (see Division   8B).

Note 3:   Exemptions apply in relation to certain relevant providers (see section   921BC).