Section 921BA — Corporations Act 2001: 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).