Document ID: chunk:federal_register_of_legislation:F2018L01804:reg:12:p1
Version: federal_register_of_legislation:F2018L01804
Segment Type: reg
Provision Reference: reg 12 (pt 1/2)
Character Range: 15742–18547

12  Progress through professional year

Requirements for starting a quarter
 (1) A person must not undertake work activities or structured training for a particular quarter (except quarter 1) of a professional year unless, for each prior quarter:
 (a) the person has completed the work activities and the structured training; and
 (b) the supervisor of the person has given a certificate as set out in subsection (3) (a completion certificate).

Exam
 (2) A person must not start to undertake work activities or structured training for quarter 3 of the person's professional year unless the person has passed the exam approved by the Corporations (Relevant Providers Exam Standard) Determination 2018.
Note 1: Work activities in quarter 3 are subject to limited or indirect supervision.
Note 2 A person must be authorised by the responsible licensee before the person is able to provide financial product advice to retail clients in relation to relevant financial products.

Completion certificates
 (3) Subject to subsections (4) and (6), if, at the end of a quarter of a person's professional year, the person's supervisor is satisfied that the person:
 (a) has completed and maintained his or her logbook for the quarter; and
 (b) has satisfactorily completed all the work activities and structured training set out in the professional year plan for the quarter; and
 (c) for quarter 3 or 4—has satisfactorily identified and resolved ethical dilemmas as required by subsection 10(3); and
 (d) for quarter 4—has achieved the outcomes, and acquired the key competencies, set out in section 6;
the supervisor must give a written certificate to that effect.
Note: For quarter 4, see subsections (6), (7) and (8).

Accelerated progression
 (4) A completion certificate for quarter 1 or 2 may be given before the end of the quarter if the supervisor is satisfied that the person:
 (a) has achieved the outcomes set out in the professional year plan for the quarter; and
 (b) is capable of satisfactorily completing the work activities and structured training for the next quarter.
A completion certificate given under this subsection must expressly state that it is so given.
Note 1: This subsection does not affect the requirements of subsection (2).
Note 2 A person must be authorised by the responsible licensee before he or she is able to provide personal advice to retail clients (quarter 3) in relation to relevant financial products.

General assessment criteria
 (5) The following criteria must be applied in assessing whether to give a person a completion certificate for a quarter:
 (a) whether the person has completed and maintained his or her logbook for the quarter;
 (b) the number of hours of work activities the person has undertaken, in accordance with the professional year plan, up to the