(1) The functions of the standards body are:
(a) to make the legislative instruments mentioned in subsections (2), (3) and (5); and
(b) to review those instruments regularly; and
(c) if an application is made under subsection 921V(1) for approval of a foreign qualification--to approve, or refuse to approve, the foreign qualification; and
(d) if an exam approved for the purposes of subsection 921B(3) is to be administered by the standards body--to administer the exam; and
(e) any other function prescribed by this Act.
(2) The standards body must, by legislative instrument:
(a) do any or all of the following in one or more determinations:
(i) approve bachelor or higher degrees, or equivalent qualifications, for the purposes of paragraph 921B(2)(a);
(ii) approve an exam for the purposes of subsection 921B(3);
(iii) set requirements for work and training for the purposes of subsection 921B(4);
(iv) set requirements for continuing professional development for the purposes of subsection 921B(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 standards body;
(v) specify a word or expression to refer to a provisional relevant provider; and
(b) make a Code of Ethics for the purposes of section 921E.
(3) The standards body may, by legislative instrument, in one or more determinations, modify the operation of a provision in this Part in relation to a period determined by the standards body under subparagraph (2)(a)(iv).
(4) A determination made under subsection (3) has effect according to its terms, despite any other provision of this Act.
(5) The standards body may, by legislative instrument, do either or both of the following in one or more determinations:
(a) provide further in relation to the requirements set out in section 921F (requirements relating to provisional relevant providers);
(b) set other requirements in relation to a person who is a provisional relevant provider.
(6) Before making a legislative instrument under subsection (2), (3) or (5), or when reviewing a legislative instrument under paragraph (1)(b), the standards body must consult:
(a) financial services licensees; and
(b) relevant providers; and
(c) associations representing consumers of financial services; and
(d) professional associations; and
(e) ASIC and the Department; and
(f) any other person or body that the standards body considers it appropriate to consult.
(7) Without limiting subsection (6), the standards body is taken to have consulted the persons and bodies mentioned in that subsection if, on its website, the standards body:
(a) before making a legislative instrument under subsection (2), (3) or (5):
(i) makes the proposed legislative instrument, or a description of the content of the proposed legislative instrument, available; and
(ii) invites those persons and bodies to comment on the proposed legislative instrument; or
(b) when reviewing a legislative instrument under paragraph (1)(b)--invites those persons and bodies to comment on the legislative instrument.
(8) A failure to comply with subsection (6) does not affect the validity or enforceability of a legislative instrument made under subsection (2), (3) or (5).
(9) The standards body may charge fees for things done in performing its functions.
Note: For the treatment of legislative instruments made under this section when the declaration of a body corporate to be the standards body is revoked, see section 921Y.