Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The Minister may, by legislative instrument, determine any or all of the following requirements for a person who provides, or is to provide, a tax (financial) advice service:
(a) a requirement that the person has completed one or more specified bachelor or higher degrees;
(b) a requirement that the person has completed one or more specified qualifications;
(c) a requirement that the person has completed one or more specified courses;
(d) a requirement that the person has undertaken specified work and training;
(e) a requirement for continuing professional development in relation to the CPD year of a financial services licensee or any other period determined by the Minister.
Note: The determination may deal with matters of a transitional nature relating to any or all of the requirements mentioned in this subsection.
(2) Before exercising the power in subsection (1), the Minister must be satisfied that doing so is necessary or desirable to ensure that relevant providers are adequately trained and competent to provide tax (financial) advice services.
Continuing professional development
(3) If a determination in force under subsection (1) sets out a requirement mentioned in paragraph (1)(e), a relevant provider who provides tax (financial) advice services must comply with that requirement:
(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
(4) A person contravenes this subsection if the person contravenes subsection (3).
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 (3) (see Division 8B).
Note 3: Exemptions apply in relation to certain relevant providers (see section 921BC).