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CORPORATIONS ACT 2001 - SECT 921BA

Relevant providers to meet education and training standards

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).



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