Limitation on authorisation to provide personal advice
(1) Section 921C, as inserted by the amending Act, applies in relation to:
(a) any Australian financial services licence granted on or after 1 January 2019 to a person who is not an existing provider; and
(b) any authorisation given on or after that day to a person who is not an existing provider.
Note: Section 921C provides that a person cannot be granted a licence, or be authorised, to provide certain financial advice unless the person meets certain conditions.
Restriction on use of terms "financial adviser" and "financial planner"
(5) The following provisions, as inserted by the amending Act, apply on and after 1 January 2019:
(a) section 923C;
(b) items 269AAA and 269AAB of the table in Schedule 3.
Note: Those provisions relate to offences for using the terms "financial adviser" and "financial planner".