ASIC Corporations (Existing Providers) Instrument 2022/241
I, Joanna Bird, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.
Joanna Bird
ASIC Corporations (Existing Providers) Instrument 2022/241
I, Joanna Bird, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.
Joanna Bird
Contents
1 Name of legislative instrument
5 Existing providers who were not relevant providers on the exam cut-off day
1 Name of legislative instrument
This is the ASIC Corporations (Existing Providers) Instrument 2022/241.
This instrument commences on the day after it is registered on the Federal Register of Legislation.
Note: The register may be accessed at www.legislation.gov.au.
This instrument is made under paragraph 926A(2)(a) of the Corporations Act 2001.
In this instrument:
Act means the Corporations Act 2001.
education and training standards has the meaning given by section 921B of the Act.
exam cut-off day has the meaning given by section 1684 of the Act.
existing provider has the meaning given by section 1546A of the Act.
relevant provider has the meaning given by section 910A of the Act
tax (financial) advice service has the same meaning as in the Tax Agent Services Act 2009.
5 Existing providers who were not relevant providers on the exam cut-off day
(1) A financial services licensee does not have to comply with subsections 921C(2) or (4) of the Act in relation to an existing provider who was not a relevant provider on the exam cut-off day for the existing provider.
(2) An authorised representative of a financial services licensee does not have to comply with subsection 921C(3) of the Act in relation to an existing provider who was not a relevant provider on the exam cut-off day for the existing provider.
The exemptions in subsections 5(1) and (2) apply in relation to an existing provider where both of the following are satisfied:
(a) the existing provider has met the education and training standard in subsection 921B(3) of the Act;
(b) if:
(i) the existing provider is to provide a tax (financial) advice service; and
(ii) a determination in force under subsection 921BB(1) of the Act sets out requirements mentioned in any of paragraphs (a) to (d) of that subsection;
the existing provider has met each of those requirements.