Commonwealth Consolidated Acts

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Meaning of education and training standards

  (1)   This section sets out the education and training standards for a person who is, or is to be, a relevant provider.

Conditions for relevant providers

  (2)   The first standard is that:

  (a)   the person:

  (i)   has completed a bachelor or higher degree, or equivalent qualification, approved by the Minister; and

  (ii)   has satisfied the conditions (if any) approved by the Minister for completing the degree or qualification, and has satisfied those conditions in a way (if any) approved by the Minister; or

  (b)   both of the following conditions are satisfied:

  (i)   the person has completed a foreign qualification;

  (ii)   the Minister has approved the foreign qualification under section   921G; or

  (c)   the person holds an approval in force under subsection   921GA(3).

  (3)   The second standard is that the person has passed an exam administered under this subsection by ASIC in accordance with principles approved by the Minister.

  (4)   The third standard is that the person has undertaken at least 1 year of work and training that meets the requirements set by the Minister.

Note:   A relevant provider who is undertaking work and training in accordance with this subsection is a provisional relevant provider (see the definition of provisional relevant provider in section   9). For rules relating to provisional relevant providers, see Subdivision C.

Continuing standard for relevant providers

  (5)   The fourth standard is that the person meets the requirements for continuing professional development set by the Minister.

Determinations by Minister

  (6)   The Minister may, by legislative instrument, do any or all of the following in one or more determinations:

  (a)   approve bachelor or higher degrees, or equivalent qualifications, for the purposes of subparagraph   (2)(a)(i);

  (aa)   approve for the purposes of subparagraph   (2)(a)(ii):

  (i)   one or more conditions for completing an approved degree or qualification; and

  (ii)   one or more ways for satisfying such conditions;

  (b)   approve principles for the purposes of subsection   (3);

  (c)   set requirements for work and training for the purposes of subsection   (4);

  (d)   set requirements for continuing professional development for the purposes of subsection   (5) in relation to the CPD year of a financial services licensee, the period mentioned in subsection   1546E(5), or any other period determined by the Minister.

  (7)   Before exercising the power in subsection   (6), the Minister must be satisfied that doing so is necessary or desirable to ensure that relevant providers are adequately trained and competent to provide personal advice to retail clients in relation to relevant financial products.

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