{"id":"F2018L01817","name":"Corporations (Relevant Providers Continuing Professional Development Standard) Determination 2018","slug":"corporations-relevant-providers-continuing-professional-development-standard-determination-2018","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":98453,"registerId":"commonwealth-F2018L01817-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Name","content":"#### 1 Name\n\n  This instrument is the Corporations (Relevant Providers Continuing Professional Development Standard) Determination 2018.","sortOrder":0},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"#### 2 Commencement\n\n  This instrument commences the day after it is registered.","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Authority","content":"#### 3 Authority\n\n  This instrument is made under subparagraph 921U(2)(a)(iv) of the Act.","sortOrder":2},{"sectionNumber":"4","sectionType":"section","heading":"Definitions","content":"#### 4 Definitions\n\n> Note: A number of expressions used in this instrument are defined in the Act, including CPD year (section 910A of the Act), financial services licensee (section 761A of the Act), professional association (see section 910A of the Act), provisional relevant provider (section 910A of the Act), relevant provider (section 910A of the Act) and retail client (sections 761G and 761GA of the Act).\n\n  (1) In this determination:\n\n> Act means the Corporations Act 2001.\n\n> CPD is short for continuous professional development.\n\n> CPD area: see paragraph 7(1)(a).\n\n> CPD plan has the meaning given by subsection 6(1).\n\n> CPD policy has the meaning given by subsection 5(1).\n\n> education provider includes:\n\n    (a) an entity registered under the Tertiary Education Quality and Standards Agency Act 2011; and\n    (b) a training organisation listed on the National Register as a registered training organisation, as described in the National Vocational Education and Training Regulator Act 2011(and corresponding State legislation); and\n    (c) a professional association.\n\n> licensee means a financial services licensee.\n\n> qualifying CPD activity has the meaning given by subsection 7(1).\n\n> responsible licensee, for a relevant provider, means the financial services licensee who has authorised the provider, or the employer of the provider, to provide personal advice to retail clients, on behalf of the licensee, in relation to relevant financial products.\n\n  (2) A reference in this determination to a relevant provider’s CPD year is a reference to:\n    (a) if the relevant provider is a financial services licensee—the provider’s CPD year; or\n    (b) otherwise—the CPD year of the provider’s responsible licensee.","sortOrder":3},{"sectionNumber":"5","sectionType":"section","heading":"CPD policies","content":"#### 5 CPD policies\n\n  (1) Each responsible licensee of a relevant provider, and each licensee who is a relevant provider, must develop and adopt a policy (CPD policy) and may amend the policy at any time.\n  (2) The policy must be adopted:\n    (a) If the CPD year is affected by subsection 1546E(5) of the Act, by 31 March 2019; or\n    (b) if the licensee becomes a licensee, or a responsible licensee, no later than 3 months after, becoming a licensee, or a responsible licensee.\n  (3) A CPD policy, and an amendment of a CPD policy, must be in writing.\n  (4) A licensee’s CPD policy (including as amended) must do all the following:\n    (a) specify the licensee’s CPD year;\n    (b) set out the licensee’s overall approach to its CPD obligations and the CPD obligations of relevant providers for whom it is responsible licensee;\n    (c) describe how the licensee will:\n    (i) if required by section 11—assess and approve CPD plans of relevant providers; and\n    (ii) monitor the implementation of CPD plans of relevant providers; and\n    (iii) assess and approve activities for the purposes of section 8, and attribute hours to them; and\n    (iv) ensure that the relevant providers for whom it is the responsible licensee meet the requirements of subsection 9(3); and\n    (v) check compliance with the CPD policy and with this determination by itself and the relevant providers for whom it is the responsible licensee; and\n    (vi) record and maintain evidence of completion of, and the outcomes of, qualifying CPD activities; and\n    (vii) ensure that records required by this determination are completed and maintained.\n\n> Note 1: For subparagraph (c)(iv), subsection 9(3) requires that at least 70% of the minimum CPD hours required must be in CPD activities approved by the licensee.\n\n> Note 2: For relevant providers’ CPD plans see section 6.\n\n  (5) Each licensee must publish its CPD policy, including as amended, on its website, and must ensure that the policy is accessible by relevant providers for whom it is the responsible licensee.","sortOrder":4},{"sectionNumber":"6","sectionType":"section","heading":"Relevant providers’ CPD plans","content":"#### 6 Relevant providers’ CPD plans\n\n  (1) Each relevant provider must prepare a plan (a CPD plan) for each CPD year applicable to the provider, and may amend the plan at any time.\n  (2) Subject to subsections (3) and (4), the plan must be prepared before the start of each CPD year.\n  (3) If the CPD year is affected by subsection 1546E(5) of the Act, the plan must be prepared by 31 March 2019.\n  (4) If the provider becomes a relevant provider after the start of the CPD year applicable to the provider, the plan must be prepared no later than 3 months, after the provider becomes a relevant provider.\n  (5) A CPD plan, and an amendment of a CPD plan, must be in writing.\n  (6) A relevant provider’s CPD plan (including as amended) must identify areas for improvement in, and development and extension of, the provider’s competence, knowledge and skills and describe the qualifying CPD activities the provider will complete during the CPD year to achieve those improvements.\n  (7) If the relevant provider has an employer who is a financial services licensee:\n    (a) the licensee must monitor the provider’s implementation of the plan; and\n    (b) the provider must give the employer a copy of the plan, and any information relating to implementation, on request.\n\n> Note: See also section 11.","sortOrder":5},{"sectionNumber":"7","sectionType":"section","heading":"Qualifying CPD activities","content":"#### 7 Qualifying CPD activities\n\n  (1) An activity is a qualifying CPD activity if all the following requirements are satisfied:\n    (a) the activity is in one of the CPD areas in the table to this section (the areas are referred to by the names in column 3 of the table);\n    (b) the activity has sufficient intellectual or practical content;\n    (c) the activity primarily deals with matters related to the provision of financial product advice, financial advice services and financial advice business;\n    (d) the activity is led or conducted by 1 or more persons who are appropriate, and have sufficient standing, expertise, academic qualifications and/or practical experience;\n    (e) the activity is designed to enhance relevant providers’ knowledge and skills in areas that are relevant to the provision of financial product advice and financial advice services.\n  (2) Paragraph (1)(d) does not apply to an activity that consists of professional or technical reading.\n  (3) If a CPD activity is able to count across more than 1 CPD area, it may be counted as being in the CPD area to which it predominantly relates, as long as there is no double counting of hours.\n  (4) Formal relevant education provided by an education provider, which may include any of the following:\n    (a) a degree or equivalent qualification approved under the Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination 2018;\n    (b) a course determined in a legislative instrument under paragraph 1546B(1)(b) of the Act;\n    (c) education or training provided or approved by a professional association;\n    (d) formal education or training study towards qualifications or designations relevant to practice as a relevant provider.\n\n| Item | Column 2                                                                                                                                                                                                                                                                 | Column 3                                      |\n| ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | --------------------------------------------- |\n|      | Content of CPD activity                                                                                                                                                                                                                                                  | CPD area                                      |\n| 1    | The activity is designed to enhance participants’ technical proficiency and ability to develop and provide advice strategies that are appropriate to the objectives, financial situations and needs of different classes of retail clients.                              | Technical competence                          |\n| 2    | The activity is designed to enhance participants’ ability to act as a client-centric practitioner in advising retail clients.                                                                                                                                            | Client care and practice                      |\n| 3    | The activity is designed to enhance participants’ understanding of applicable legal obligations and how to comply with them.                                                                                                                                             | Regulatory compliance and consumer protection |\n| 4    | The activity is designed to enhance participants’ capacity to act as an ethical professional.                                                                                                                                                                            | Professionalism and ethics                    |\n| 5    | The activity is designed to maintain and extend participants’ professional capabilities, knowledge and skills, including keeping up to date with regulatory, technical and other relevant developments, but is not in an area referred to in another item of this table. | General                                       |","sortOrder":6},{"sectionNumber":"8","sectionType":"section","heading":"Approval of CPD activities by responsible licensees","content":"#### 8 Approval of CPD activities by responsible licensees\n\n  (1) A responsible licensee must approve, as qualifying CPD activities, at least as many activities as will enable the relevant providers for whom it is the responsible licensee to comply with subsection 9(3).\n\n> Note: Subsection 9(3) requires that at least 70% of the minimum number of CPD hours spent by relevant providers (which is 28 hours) must be spent on qualifying CPD activities approved by the responsible licensee.\n\n  (2) A responsible licensee must not approve an activity for the purposes of subsection (1) unless satisfied that the activity is a qualifying CPD activity.\n  (3) The maximum number of hours that can be counted for a qualifying CPD activity approved by a responsible licensee is the number specified in the approval.","sortOrder":7},{"sectionNumber":"9","sectionType":"section","heading":"Requirements for CPD","content":"#### 9 Requirements for CPD\n\n  Number of hours for each CPD year\n  (1) Subject to this section, the minimum number of hours of qualifying CPD activities that a relevant provider must complete during a CPD year is 40. However, in special circumstances if the relevant provider is working part-time for the whole of the CPD year, with the prior written consent of the responsible licensee the minimum number of hours is 36.\n\n> Note: Provisional relevant providers do not have to meet CPD requirements.\n\n> Note: The Code of Ethics requires, as Standard 10, You must develop, maintain and apply a high level of relevant knowledge and skills.\n\n  (2) The qualifying CPD activities must include:\n    (a) a minimum of 5 hours in the CPD area of technical competence; and\n    (b) a minimum of 5 hours in the CPD area of client care and practice; and\n    (c) a minimum of 5 hours in the CPD area of regulatory compliance and consumer protection; and\n    (d) a minimum of 9 hours in the CPD area of professionalism and ethics.\n  (3) If the relevant provider has a responsible licensee, at least 70% of the minimum number of hours referred to in subsection (1) must be spent on qualifying CPD activities approved by the licensee.\n\n> Note 1: This means that, for a relevant provider working full-time at least 28 hours will have to be spent on approved activities.\n\n  (4) In any CPD year:\n    (a) no more than 4 hours of an activity that consists of professional or technical reading; and\n    (b) no more than 30 hours of activity referred to in subsection 7(4);\n  may be counted towards a relevant provider’s compliance with this determination.\n  (5) For the purposes of this section, a relevant provider who leads or conducts a qualifying CPD activity may count, for the purposes of this section, the number of hours spent in the preparation and first delivery of the activity.\n  Subsection 1546E(5) of the Act\n  (6) If a CPD year is affected by section 1546E(5) of the Act, subsection (1), (2) (3) and (4) of this section apply, in relation to the CPD year, as if each of the minimum number of hours specified in, or worked out in accordance with, those provisions were adjusted in proportion to the increase in the period of the CPD year as determined in accordance with subsection 1546E(5) of the Act.\n\n> Note: Subsection 1546E(5) of the Act applies where a licensee’s first CPD year starts after 1 January 2019 and, before its first CPD year started, the licensee was a licensee, or authorised a relevant provider to provide personal advice to retail clients, on its behalf, in relation to relevant financial products. The subsection effectively extends the period of the first CPD year.\n\n  CPD years including 18 March 2020\n  (7) If a CPD year of a financial services licensee includes 18 March 2020, then:\n    (a) the relevant provider may count, towards meeting the requirements for continuing professional development of the relevant provider for the CPD year, any qualifying CPD activities completed by the relevant provider during the period of 3 months after the end of the CPD year (additional activities); and\n    (b) the relevant provider may not count additional activities that have been counted in terms of paragraph (a) towards meeting the requirements for continuing professional development of the relevant provider for any other CPD year.\n\n> Note: 18 March 2020 is the date of commencement of the Biosecurity (Human Biosecurity Emergency) (Human Coronavirus with Pandemic Potential) Declaration 2020.","sortOrder":8},{"sectionNumber":"10","sectionType":"section","heading":"Other requirements on employers and responsible licensees","content":"#### 10 Other requirements on employers and responsible licensees\n\n  (1) Each of the employer of, and the responsible licensee for, a relevant provider must make appropriate resources and opportunities available to the provider to enable the provider to meet the requirements of this determination.\n  (2) A responsible licensee for a relevant provider must:\n    (a) monitor the implementation of the provider’s CPD plans; and\n    (b) check compliance with the licensee’s CPD policy and with this determination by itself and the relevant providers for whom it is the responsible licensee.","sortOrder":9},{"sectionNumber":"11","sectionType":"section","heading":"Career breaks","content":"#### 11 Career breaks\n\n  (1) This section applies if a relevant provider has not been practising or authorised as a relevant provider for a continuous period of 2 years or more.\n  (2) The provider must not resume practice as an employee of a financial services licensee unless the licensee has approved the provider’s CPD plan for the first CPD year after the provider resumes practice.\n  (3) The provider must not resume practice as an authorised representative of a licensee (other than a licensee who is the provider’s employer) unless the licensee has approved the provider’s CPD plan for the first CPD year after the provider resumes practice.\n  (4) An employer or licensee must not approve a CPD plan under this section unless satisfied that it is appropriate to address gaps in the relevant provider’s competence, knowledge and skills arising from the provider’s absence from practice.","sortOrder":10},{"sectionNumber":"12","sectionType":"section","heading":"Record-keeping","content":"#### 12 Record-keeping\n\n  (1) A relevant provider must make and maintain complete and accurate records of:\n    (a) the qualifying CPD activities the provider undertakes; and\n    (b) when they are undertaken; and\n    (c) the number of hours spent on each activity; and\n    (d) evidence of completion of the activity and the outcomes of the activity; and\n    (e) the progress of implementation of the provider’s CPD plan.\n  (2) A relevant provider satisfies subsection (1) if the provider’s responsible licensee makes and maintains the records.\n  (3) A relevant provider must provide a copy of the records to its responsible licensee on request.\n  (4) A person required under this section to make a record must keep the records for at least 7 years after the date it was made.","sortOrder":11}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"flash_summary":{"complexity_score":5,"scope_assessment":{"changed":false,"description":"This Determination implements and details the CPD requirements envisaged by the Corporations Act: it sets the operational standards (hours, topic breakdown, approval, record‑keeping) rather than expanding the subjects or persons covered beyond the Act’s definition of relevant providers and licensees. It clarifies procedures and adds administrative requirements (policies, published statements, monitoring), but does not materially extend the legislative scope beyond the Act’s CPD framework."},"complexity_factors":["Multiple cross‑references to Corporations Act provisions (e.g. s910A definitions, s1546E(5), s1546B(1))","Several defined terms in this instrument plus reliance on Act definitions (education provider, CPD year, relevant provider, responsible licensee)","Numerical thresholds and proportions (40 hours; 36 hours part‑time; 70% licensee‑approved; minimum hours by topic: 5/5/5/9)","Limits and nested caps (max 4 hours reading; max 30 hours formal education; cap on counting hours per approved activity)","Approval and discretion points (responsible licensee must approve activities and attribute hours; licensee must adopt and publish CPD policy)","Timing rules with exceptions (plans must be prepared before CPD year, special deadline where s1546E(5) applies, COVID‑period extension for activity counting)","Record‑keeping obligations and long retention period (records kept for at least 7 years)","Career‑break re‑entry conditions that require pre‑approval of plans and discretionary assessment of competence gaps"],"plain_english_summary":"**What this instrument does (mechanically)**\n\n- Sets mandatory continuing professional development (CPD) rules for people who give personal financial advice (\"relevant providers\") and for the financial services licensees that employ or authorise them.\n- Requires each licensee to have a written CPD policy and to publish it on its website (s5(1), s5(5)).\n- Requires each relevant provider to have a written CPD plan for each CPD year and to keep records of completed CPD (s6(1), s12(1)).\n- Specifies the minimum annual CPD hours and how those hours must be allocated across subject areas (minimum 40 hours; or 36 hours with prior written consent if the provider worked part‑time for the whole year) (s9(1)).\n- Requires at least 70% of the minimum hours to be in activities approved by the responsible licensee (s9(3) and note; s8 requires approval of activities by responsible licensees).\n- Defines what counts as qualifying CPD activities, lists five CPD areas (technical competence; client care and practice; regulatory compliance and consumer protection; professionalism and ethics; general), and sets minimum hours for certain areas (at least 5 hours in each of technical competence, client care, regulatory compliance; and at least 9 hours in professionalism and ethics) (s7, s9(2)).\n- Limits what can be counted: no more than 4 hours of professional/technical reading and no more than 30 hours of formal education in a CPD year (s9(4)).\n- Requires responsible licensees to approve a sufficient number of qualifying activities and to attribute a maximum number of hours per approved activity (s8).\n- Requires employers and responsible licensees to provide resources and opportunities for providers to meet the CPD requirements, and to monitor and check compliance (s10(1)–(2)).\n- Imposes special rules for providers returning after a career break of 2 years or more — their CPD plan must be approved before they resume practice and must address gaps caused by the break (s11).\n- Requires record‑keeping of CPD activities and outcomes for at least seven years (s12(1), s12(4)).\n\n**Who is affected**\n\n- Relevant providers (people who give personal financial product advice to retail clients) — they must prepare and complete CPD plans, undertake minimum hours in specified areas, keep records, and obtain approvals when returning from career breaks (ss6, 7, 9, 11, 12).\n- Responsible licensees and licensee‑employers — they must adopt and publish CPD policies, approve and attribute hours to qualifying activities, monitor implementation of providers’ CPD plans and keep records, and make resources available to providers (ss5, 8, 10, 12).\n- Education providers and professional associations that supply qualifying CPD — these are recognised as education providers for formal education counting towards CPD (s4 definition; s7(4)).\n\n**Why it matters (stated purpose, then practical implications)**\n\n- Stated purpose: to ensure relevant providers maintain competence and comply with professional standards by setting minimum CPD hours, required topic coverage, approval processes and record‑keeping (see opening and s7–s9).\n\n- Practical implications and trade‑offs:\n  - Who pays: time and money costs fall on providers and their employers/licensees — employers are required to make resources available (s10(1)), but the provider’s time is consumed by training (s9(1)).\n  - Who decides: responsible licensees control what counts as approved CPD for at least 70% of required hours, and must publish policies describing their approach (s5(4)(c)(iii), s9(3), s5(5)). This centralises approval with licensees and gives them discretion to set approved activities and attribute hours (s8(3)).\n  - Behaviour changes: providers must plan CPD in advance, prioritise approved activities, keep detailed records for seven years, and may favour activities that the licensee approves to meet the 70% test (ss6, 8, 9, 12).\n  - Effects on training market and competition: licensees’ central role in approval can create demand for particular providers or in‑house training. That concentrates potential benefits on entities that deliver approved CPD, and could reduce demand for unapproved external providers unless licensees approve them (s8, s5(4)(c)(iii)).\n  - Compliance and administrative burden: written policies, published policies, approved plans, monitoring, and seven‑year record retention create ongoing administrative tasks for licensees and providers (ss5, 6, 10, 12). This raises implementation and compliance costs.\n  - Risks and trade‑offs: the measure trades off increased oversight and standardisation of CPD (clear minimums and topic coverage) against added costs and licence‑level discretion over what counts as qualifying CPD. There is scope for substitution effects (providers choosing activities that will be approved rather than those they might value most) and for limited variety of CPD if licensees approve a narrow set of providers or in‑house offerings (s8, s9(3)).\n\n**Concrete mechanisms to note (section references)**\n- Minimum hours and area breakdown: s9(1)–(2).\n- 70% minimum in licensee‑approved activities: s9(3); approval duty in s8.\n- Limits on reading and formal education counting: s9(4).\n- CPD policy must be written and published on website: s5(1), s5(3)–(5).\n- CPD plan timing, content and employer access: s6(1)–(6).\n- Career‑break re‑entry approval: s11(1)–(4).\n- Record keeping and 7‑year retention: s12(1)–(4).\n\n**Implementation risks and opportunity costs**\n- Implementation risk: licensees must establish approval systems and monitoring processes to satisfy s5 and s8; failure to do so could leave providers without approved activities to meet the 70% rule.\n- Opportunity costs: provider time spent on CPD is time not spent on billable advice or business development; employers bear costs of providing resources and monitoring.\n- Potential for concentrated benefits: entities that provide approved CPD (including in‑house trainers) may capture revenue; the instrument does not prescribe open tendering or independent accreditation beyond the approval role (s8, s7(4)).\n\nOverall, the Determination operationalises the Act’s CPD expectations by specifying hours, topic coverage, approval and record‑keeping rules, while giving responsible licensees the operational role of approving and attributing CPD activities."},"kimi_summary":{"content_quality":"ok","complexity_score":5,"scope_assessment":{"changed":false,"description":"The legislation remains focused on its original purpose of establishing CPD requirements for financial advisers. The COVID-19 provision in section 9(7) was a time-limited emergency measure, not a permanent expansion of scope. The instrument has not grown beyond its core function of setting training standards for relevant providers."},"complexity_factors":["Multiple defined terms (12+ definitions in section 4, plus incorporated definitions from the Corporations Act)","Cross-references to external legislation including Corporations Act sections 910A, 921U, 1546B, 1546E, 761A, 761G, 761GA, plus Tertiary Education Quality and Standards Agency Act 2011 and National Vocational Education and Training Regulator Act 2011","Conditional commencement dates and transitional provisions (subsections 5(2)(a), 6(3), 9(6) dealing with the first CPD year starting after 1 January 2019)","Nested calculations for minimum hours (40 hours base, 36 hours part-time exception, 70% approval requirement, specific area minimums that must sum correctly)","COVID-19 emergency provision in subsection 9(7) creating a special 3-month extension period for CPD years including 18 March 2020","Dual obligations where either the provider or responsible licensee can satisfy record-keeping requirements (section 12)","Career break provisions creating conditional approval requirements based on 2-year absence threshold"],"plain_english_summary":"This instrument sets mandatory continuing professional development (CPD) rules for financial advisers who give personal advice to retail clients, and requires licensees to approve and monitor that training. It specifies annual training hours (including a dedicated ethics and professionalism component), written CPD plans, record‑keeping, and rules for advisers returning from long breaks.\n\nIt matters because it raises adviser competence, ethics and accountability in response to industry failures, making licensees responsible for meaningful oversight."}},"importantCases":[],"_links":{"self":"/api/acts/corporations-relevant-providers-continuing-professional-development-standard-determination-2018","history":"/api/acts/corporations-relevant-providers-continuing-professional-development-standard-determination-2018/history","analysis":"/api/acts/corporations-relevant-providers-continuing-professional-development-standard-determination-2018/analysis","conflicts":"/api/acts/corporations-relevant-providers-continuing-professional-development-standard-determination-2018/conflicts","importantCases":"/api/acts/corporations-relevant-providers-continuing-professional-development-standard-determination-2018/important-cases","documents":"/api/acts/corporations-relevant-providers-continuing-professional-development-standard-determination-2018/documents"}}