Document ID: chunk:federal_register_of_legislation:C2023A00075:clause:2_3
Version: federal_register_of_legislation:C2023A00075
Segment Type: clause
Provision Reference: sch 2 cl 3
Character Range: 17254–18607

3  Section 1684 of Part 10.57
Insert:
experienced provider: a person is an experienced provider if:
 (a) the person is an individual; and
 (b) on a day within the period (the qualifying period) beginning on 1 January 2007 and ending on 31 December 2021, the person was, under this Act as in force on that day:
 (i) a financial services licensee; or
 (ii) an authorised representative of a financial services licensee; or
 (iii) an employee or director of a financial services licensee; or
 (iv) an employee or director of a related body corporate of a financial services licensee; and
 (c) the person was, under this Act as in force on that day, authorised to provide personal advice to retail clients in relation to any financial product other than:
 (i) a general insurance product; or
 (ii) a consumer credit insurance product; or
 (iii) for a day within the qualifying period that is on or after 1 July 2012—a basic banking product; and
 (d) the person satisfies paragraphs (b) and (c) for at least 10 years (that is, 3,650 days) within the qualifying period (whether consecutive or not); and
 (e) before the end of the qualifying period, the person has never:
 (i) been banned or disqualified under Division 8 of Part 7.6 as in force at that time; or
 (ii) given an undertaking under section 93AA or 171E of the ASIC Act as in force at that time.