Document ID: chunk:federal_register_of_legislation:F2019C00904:reg:13:p3
Version: federal_register_of_legislation:F2019C00904
Segment Type: reg
Provision Reference: reg 13 (pt 3/4)
Character Range: 6679–9544

Part 10.23A of the Act that relate to Division 8A of Part 7.6 apply in relation to financial services licensees as if Part 10.23A were modified or varied as follows:
(a) in section 1546A, in the the definition of existing provider, omit subparagraph (a)(ii), substitute:
                 "(ii) on 1 January 2019:
                    (A) is not banned or disqualified under Division 8 of Part 7.6; and
                    (B) is not subject to an enforceable undertaking under section 93AA of the ASIC Act under which the person undertook to not provide financial product advice or financial services generally; or";
(b) after section 1546D, insert:
             "1546DA Previously banned or prohibited advisers
                 (1) This section has effect for the purposes of sections 1546C and 1546D in relation to Division 8A of Part 7.6, as inserted by the amending Act.
                 (2) A person covered by any of the following paragraphs is taken to be a person who is not a relevant provider before 1 January 2019:
                    (a) a person who, on 1 January 2019, was banned or disqualified under Division 8 of Part 7.6;
                    (b) a person who, on 1 January 2019, was subject to an enforceable undertaking under section 93AA of the ASIC Act under which the person undertook to not provide financial product advice or financial services generally; or
                    (c) a person who, on 1 January 2019, was prohibited under the law of a foreign country from providing personal advice in the foreign country to retail clients in relation to relevant financial products.".

11 Application of professional standards—other scenarios
    The provisions of Part 10.23A of the Act that relate to Division 8A of Part 7.6 apply in relation to financial services licensees as if Part 10.23A were modified or varied as follows:
(a) in subsection 1546B(1) omit "An existing provider must have done", substitute "An existing provider that immediately before 1 January 2024  is a relevant provider, must have done";
(b) in subsection 1546B(3) omit "An existing provider must have met", substitute "An existing provider that immediately before 1 January 2021  is a relevant provider, must have met";
(c) after subsection 1546C(3), insert the following subsections:
            "(3A) Section 921C, as inserted by the amending Act and so far as the section relates to the education and training standard in subection 921B(3), also applies, on and after 1 January 2021, in relation to a person who was an existing provider but, at any time between 1 January 2016 and 31 December 2020, has ceased to be a relevant provider.
            (3B) Section 921C, as inserted by the amending Act and so far as the section relates to the education and training standard in subection 921B(2), also applies, on and after 1 January 2024, in relation to a person