{"id":"F2021L01714","name":"Corporations (Relevant Providers—Education and Training Standards) Determination 2021","slug":"corporations-relevant-providers-education-and-training-standards-determination-2021","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":102208,"registerId":"commonwealth-F2021L01714-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Part 1","sectionType":"part","heading":"Preliminary","content":"## Part 1—Preliminary","sortOrder":0},{"sectionNumber":"1‑1 Name","sectionType":"section","heading":"1‑1 Name","content":"#### 1‑1 Name\n\n This instrument is the Corporations (Relevant Providers—Education and Training Standards) Determination 2021.","sortOrder":1},{"sectionNumber":"1‑3 Authority","sectionType":"section","heading":"1‑3 Authority","content":"#### 1‑3 Authority\n\n This instrument is made under the Corporations Act 2001.","sortOrder":2},{"sectionNumber":"1‑4 Definitions","sectionType":"section","heading":"1‑4 Definitions","content":"#### 1‑4 Definitions\n\nNote: Paragraph 13(1)(b) of the Legislation Act 2003 has the effect that expressions have the same meaning in this instrument as in the Corporations Act 2001 as in force from time to time.\n\n In this instrument:\n\n> Code of Ethics has the meaning given by section 910A of the Act.\n\n> CPD year has the meaning given by section 910A of the Act.\n\n> existing provider has the meaning given by section 1546A of the Act.\n\n> financial product advice has the meaning given by section 766B of the Act.\n\n> relevant provider has the meaning given by section 910A of the Act.\n\n> retail client has the meaning given by sections 761G and 761GA of the Act.\n\n> taxation law has the meaning given by the Income Tax Assessment Act 1997.\n\n> tax (financial) advice service has the meaning given by section 910A of the Act.\n\n> the Act means the Corporations Act 2001.","sortOrder":3},{"sectionNumber":"Part 2","sectionType":"part","heading":"Education and training standards for relevant providers","content":"## Part 2—Education and training standards for relevant providers\n\n### Division 1—The first standard\n\nNote: See Corporations (Degrees, Qualifications and Courses Standards) Determination 2020 for the currently approved bachelor or higher degree, or equivalent qualifications. The instrument, originally made by the Financial Adviser Standards and Ethics Authority Ltd, was saved by section 1684M of the Act and will continue in force until it is repealed and remade by the Minister.\n\n### Division 2—The second standard\n\n#### 2‑30 Approved principles in relation to exams\n\n Under subsection 921B(6) of the Act, each of the principles specified in a provision in this Division is an approved principle for the purposes of exams to be administered by ASIC under subsection 921B(3) of the Act.\n\n#### 2‑35 Principle 1: testing relevant knowledge and skills\n\n (1) This section specifies a principle relating to testing relevant knowledge and skills.\n (2) An exam must be designed to test whether the person taking the exam has the knowledge and skills covered in subsection (3) at a AQF level 7 as described in Australian Qualifications Framework, 2nd edition (January 2013) published by the Australian Qualifications Framework Council.\n\n> Note: On the day this instrument was registered, this publication was available at https://www.aqf.edu.au/.\n\n (3) For the purposes of subsection (2), an exam must cover each of the following knowledge and skills as they apply in relation to financial products:\n (a) knowledge and skills needed to understand and conform to the requirements of each of the following:\n (i) Chapter 7 of the Act;\n (ii) the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006;\n (iii) the Privacy Act 1988;\n (iv) Subdivision 50-AA of the Tax Agent Services Act 2009;\n (b) knowledge and skills needed to be able to apply ethical and professional reasoning, and to communicate effectively, including the ability to:\n (i) identify the obligations imposed by the Code of Ethics and how to comply with them; and\n (ii) articulate the importance of codes of ethics and codes of conduct, being guides of principles designed to help professionals conduct business honestly and with integrity, and the need for relevant providers to conform to the Code of Ethics in the context of professional standards; and\n (iii) apply ethical frameworks to solve dilemmas encountered as a relevant provider; and\n (iv) identify the importance of, and demonstrate, the duty of a relevant provider to act with integrity and in the best interest of each of the provider’s clients; and\n (v) identify the need for due diligence and the need to maintain client files and records;\n (c) knowledge and skills needed to construct suitable financial product advice through an understanding of:\n (i) the environment in which financial product advice is sought by and given to new and existing clients; and\n (ii) the need to prevent and avoid misconduct and inappropriate advice; and\n (iii) population and community profiles of retail clients; and\n (iv) consumer behaviour and decision‑making; and\n (v) the advice strategies suitable for different retail clients.\n\n#### 2‑40 Principle 2: exam questions\n\n (1) This section specifies a principle relating to the questions in an exam.\n (2) An exam must contain at least 70 questions.\n (3) An exam must contain only multiple-choice type questions.\n\n#### 2‑45 Principle 3: duration of exams\n\n (1) This section specifies a principle relating to the duration of an exam.\n (2) A person taking an exam must have 3.5 hours to complete the exam, of which at least 15 minutes must be set aside as reading time.\n\n#### 2‑50 Principle 4: marking or scoring of exams\n\n (1) This section specifies a principle relating to the marking or scoring of an exam.\n (2) An exam must show the maximum marks that may be awarded for each question.\n (3) The questions in an exam, and the maximum marks that may be awarded for each question, must be approved by persons with appropriate expertise, as determined by ASIC.\n\n#### 2‑55 Principle 5: processes and procedures for the taking of exams\n\n (1) This section specifies principles relating to processes and procedures relating to the taking of exams.\n Who may sit an exam?\n (2) A person may only take an exam if:\n (b) the person has applied to ASIC to take the exam (in the manner and form approved by ASIC), and has been subsequently enrolled by ASIC to take the exam at a particular date and time; and\n (c) the person has paid ASIC the prescribed fee to take the exam; and\n (d) the person has not been excluded from taking the exam under subsection (9).\n\n> Note: The amount of the fee is prescribed in the Corporations (Fees) Regulations 2001.\n\n Methods for taking an exam\n (3) An exam must be taken by one the following methods, as determined by ASIC for a person:\n (a) by attending a location at which an exam is to be held (an exam location);\n (b) by way of the internet or other technology that allows the person to take the exam without being physically present at an exam location;\n (c) by way of alternate arrangements in accordance with subsection (13).\n (4) A person is not to be admitted to an exam location for an exam unless the person:\n (a) meets the requirements of subsection (2), and has been advised by ASIC that the person is registered to attend the location to take the exam; or\n (b) is staff member or agent of ASIC; or\n (c) is present because of alternate arrangements made by ASIC under subsection (13).\n (5) ASIC may impose identification requirements for persons to be admitted to an exam location.\n\n> Note: For example, requirements for photo ID may be imposed.\n\n (6) A person may only take an exam using the equipment and materials permitted by ASIC to be used, and ASIC may impose reasonable and appropriate restrictions on the person to ensure only permitted equipment and materials are used.\n Conduct of the exam\n (7) A person taking an exam must not engage in any type of conduct that could be reasonably described as plagiarism, cheating, collusion, deception, impersonation, or another form of similar misconduct. An exam is to be properly supervised to prevent a person from engaging in such misconduct.\n (8) A person taking an exam must comply with an instruction or direction included in the exam document, or that is given by a staff member or agent of ASIC in connection with the exam.\n\n> Note: An example of an instruction or direction included in the exam document is an instruction not to start to record answers to exam questions until after the reading time for the exam has ended.\n\n Consequences of misconduct\n (9) If a person breaches subsection (6), (7) or (8), ASIC may do one or both of the following:\n (a) exclude the person from taking or continuing to take an exam;\n (b) fail the person.\n Marking and results\n (10) A person who has taken an exam is to be notified only that they have either passed or failed the exam, which is to be marked to an overall credit grade (a range of between 65% and 74%, with the final passing mark for a particular exam, being determined by ASIC, as informed by persons with appropriate expertise).\n Deferral of exams for exceptional circumstances\n (12) ASIC must make arrangements to give effect to all of the following:\n (a) that a person be able to apply to ASIC (in the manner and form approved by ASIC) to defer taking an exam at the particular date and time registered by ASIC, if due to exceptional circumstances beyond the person’s control, the person is unable to take the exam at that particular date and time;\n (b) establish and maintain reasonable systems and processes for making and dealing with those applications; and\n (c) that, if an application is granted, the person be registered to take the exam at another date and time without having to pay another fee.\n\n> Note 1: Exceptional circumstances beyond the person’s control under paragraph (a) may include acute illness, recent loss or bereavement, hardship or trauma (including being the victim of crime or severe disruption to domestic life), a natural disaster, imposition of a public health order, unforeseen call‑up for service (including military service, court appearance, jury service or emergency service), an unexpected equipment failure or malfunction during the exam.\n\n> Note 2: Reasonable processes under paragraph (b) may include requirements for medical or other certificates, or other evidence, to be provided.\n\n Alternative arrangements\n (13) If ASIC is satisfied that it is reasonable and appropriate in the circumstances to do so, ASIC may make alternate arrangements as to the methods for a person to take an exam. A person requesting alternate arrangements must do so by way of an application to ASIC (in the manner and form approved by ASIC). ASIC must ensure that reasonable and appropriate provision is made for persons with special needs.\n\n> Note For example, reasonable and appropriate provisions may include adjustable desks, ensuring that computer screens have larger fonts, higher contrasting colours and reader assistance (for persons with visual impairments) and support to ensure that staff members can communicate effectively with a person with a hearing impairment.\n\n### Division 3—The third standard\n\nNote: See Corporations (Work and Training Professional Year Standard) Determination 2018 for the currently set requirements for work and training. The instrument, originally made by the Financial Adviser Standards and Ethics Authority Ltd, was saved by section 1684M of the Act and will continue in force until it is repealed and remade by the Minister.\n\n### Division 4—The fourth standard\n\nNote: See Corporations (Relevant Providers Continuing Professional Development Standard) Determination 2018 for the currently set requirements for continuing professional development. The instrument, originally made by the Financial Adviser Standards and Ethics Authority Ltd, was saved by section 1684M of the Act and will continue in force until it is repealed and remade by the Minister.","sortOrder":4},{"sectionNumber":"Division 1","sectionType":"division","heading":"The first standard","content":"### Division 1—The first standard\n\nNote: See Corporations (Degrees, Qualifications and Courses Standards) Determination 2020 for the currently approved bachelor or higher degree, or equivalent qualifications. The instrument, originally made by the Financial Adviser Standards and Ethics Authority Ltd, was saved by section 1684M of the Act and will continue in force until it is repealed and remade by the Minister.","sortOrder":5},{"sectionNumber":"Division 2","sectionType":"division","heading":"The second standard","content":"## Part 2—Education and training standards for relevant providers\n\n### Division 1—The first standard\n\nNote: See Corporations (Degrees, Qualifications and Courses Standards) Determination 2020 for the currently approved bachelor or higher degree, or equivalent qualifications. The instrument, originally made by the Financial Adviser Standards and Ethics Authority Ltd, was saved by section 1684M of the Act and will continue in force until it is repealed and remade by the Minister.\n\n### Division 2—The second standard\n\n#### 2‑30 Approved principles in relation to exams\n\n Under subsection 921B(6) of the Act, each of the principles specified in a provision in this Division is an approved principle for the purposes of exams to be administered by ASIC under subsection 921B(3) of the Act.\n\n#### 2‑35 Principle 1: testing relevant knowledge and skills\n\n (1) This section specifies a principle relating to testing relevant knowledge and skills.\n (2) An exam must be designed to test whether the person taking the exam has the knowledge and skills covered in subsection (3) at a AQF level 7 as described in Australian Qualifications Framework, 2nd edition (January 2013) published by the Australian Qualifications Framework Council.\n\n> Note: On the day this instrument was registered, this publication was available at https://www.aqf.edu.au/.\n\n (3) For the purposes of subsection (2), an exam must cover each of the following knowledge and skills as they apply in relation to financial products:\n (a) knowledge and skills needed to understand and conform to the requirements of each of the following:\n (i) Chapter 7 of the Act;\n (ii) the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006;\n (iii) the Privacy Act 1988;\n (iv) Subdivision 50-AA of the Tax Agent Services Act 2009;\n (b) knowledge and skills needed to be able to apply ethical and professional reasoning, and to communicate effectively, including the ability to:\n (i) identify the obligations imposed by the Code of Ethics and how to comply with them; and\n (ii) articulate the importance of codes of ethics and codes of conduct, being guides of principles designed to help professionals conduct business honestly and with integrity, and the need for relevant providers to conform to the Code of Ethics in the context of professional standards; and\n (iii) apply ethical frameworks to solve dilemmas encountered as a relevant provider; and\n (iv) identify the importance of, and demonstrate, the duty of a relevant provider to act with integrity and in the best interest of each of the provider’s clients; and\n (v) identify the need for due diligence and the need to maintain client files and records;\n (c) knowledge and skills needed to construct suitable financial product advice through an understanding of:\n (i) the environment in which financial product advice is sought by and given to new and existing clients; and\n (ii) the need to prevent and avoid misconduct and inappropriate advice; and\n (iii) population and community profiles of retail clients; and\n (iv) consumer behaviour and decision‑making; and\n (v) the advice strategies suitable for different retail clients.\n\n#### 2‑40 Principle 2: exam questions\n\n (1) This section specifies a principle relating to the questions in an exam.\n (2) An exam must contain at least 70 questions.\n (3) An exam must contain only multiple-choice type questions.\n\n#### 2‑45 Principle 3: duration of exams\n\n (1) This section specifies a principle relating to the duration of an exam.\n (2) A person taking an exam must have 3.5 hours to complete the exam, of which at least 15 minutes must be set aside as reading time.\n\n#### 2‑50 Principle 4: marking or scoring of exams\n\n (1) This section specifies a principle relating to the marking or scoring of an exam.\n (2) An exam must show the maximum marks that may be awarded for each question.\n (3) The questions in an exam, and the maximum marks that may be awarded for each question, must be approved by persons with appropriate expertise, as determined by ASIC.\n\n#### 2‑55 Principle 5: processes and procedures for the taking of exams\n\n (1) This section specifies principles relating to processes and procedures relating to the taking of exams.\n Who may sit an exam?\n (2) A person may only take an exam if:\n (b) the person has applied to ASIC to take the exam (in the manner and form approved by ASIC), and has been subsequently enrolled by ASIC to take the exam at a particular date and time; and\n (c) the person has paid ASIC the prescribed fee to take the exam; and\n (d) the person has not been excluded from taking the exam under subsection (9).\n\n> Note: The amount of the fee is prescribed in the Corporations (Fees) Regulations 2001.\n\n Methods for taking an exam\n (3) An exam must be taken by one the following methods, as determined by ASIC for a person:\n (a) by attending a location at which an exam is to be held (an exam location);\n (b) by way of the internet or other technology that allows the person to take the exam without being physically present at an exam location;\n (c) by way of alternate arrangements in accordance with subsection (13).\n (4) A person is not to be admitted to an exam location for an exam unless the person:\n (a) meets the requirements of subsection (2), and has been advised by ASIC that the person is registered to attend the location to take the exam; or\n (b) is staff member or agent of ASIC; or\n (c) is present because of alternate arrangements made by ASIC under subsection (13).\n (5) ASIC may impose identification requirements for persons to be admitted to an exam location.\n\n> Note: For example, requirements for photo ID may be imposed.\n\n (6) A person may only take an exam using the equipment and materials permitted by ASIC to be used, and ASIC may impose reasonable and appropriate restrictions on the person to ensure only permitted equipment and materials are used.\n Conduct of the exam\n (7) A person taking an exam must not engage in any type of conduct that could be reasonably described as plagiarism, cheating, collusion, deception, impersonation, or another form of similar misconduct. An exam is to be properly supervised to prevent a person from engaging in such misconduct.\n (8) A person taking an exam must comply with an instruction or direction included in the exam document, or that is given by a staff member or agent of ASIC in connection with the exam.\n\n> Note: An example of an instruction or direction included in the exam document is an instruction not to start to record answers to exam questions until after the reading time for the exam has ended.\n\n Consequences of misconduct\n (9) If a person breaches subsection (6), (7) or (8), ASIC may do one or both of the following:\n (a) exclude the person from taking or continuing to take an exam;\n (b) fail the person.\n Marking and results\n (10) A person who has taken an exam is to be notified only that they have either passed or failed the exam, which is to be marked to an overall credit grade (a range of between 65% and 74%, with the final passing mark for a particular exam, being determined by ASIC, as informed by persons with appropriate expertise).\n Deferral of exams for exceptional circumstances\n (12) ASIC must make arrangements to give effect to all of the following:\n (a) that a person be able to apply to ASIC (in the manner and form approved by ASIC) to defer taking an exam at the particular date and time registered by ASIC, if due to exceptional circumstances beyond the person’s control, the person is unable to take the exam at that particular date and time;\n (b) establish and maintain reasonable systems and processes for making and dealing with those applications; and\n (c) that, if an application is granted, the person be registered to take the exam at another date and time without having to pay another fee.\n\n> Note 1: Exceptional circumstances beyond the person’s control under paragraph (a) may include acute illness, recent loss or bereavement, hardship or trauma (including being the victim of crime or severe disruption to domestic life), a natural disaster, imposition of a public health order, unforeseen call‑up for service (including military service, court appearance, jury service or emergency service), an unexpected equipment failure or malfunction during the exam.\n\n> Note 2: Reasonable processes under paragraph (b) may include requirements for medical or other certificates, or other evidence, to be provided.\n\n Alternative arrangements\n (13) If ASIC is satisfied that it is reasonable and appropriate in the circumstances to do so, ASIC may make alternate arrangements as to the methods for a person to take an exam. A person requesting alternate arrangements must do so by way of an application to ASIC (in the manner and form approved by ASIC). ASIC must ensure that reasonable and appropriate provision is made for persons with special needs.\n\n> Note For example, reasonable and appropriate provisions may include adjustable desks, ensuring that computer screens have larger fonts, higher contrasting colours and reader assistance (for persons with visual impairments) and support to ensure that staff members can communicate effectively with a person with a hearing impairment.\n\n### Division 3—The third standard\n\nNote: See Corporations (Work and Training Professional Year Standard) Determination 2018 for the currently set requirements for work and training. The instrument, originally made by the Financial Adviser Standards and Ethics Authority Ltd, was saved by section 1684M of the Act and will continue in force until it is repealed and remade by the Minister.\n\n### Division 4—The fourth standard\n\nNote: See Corporations (Relevant Providers Continuing Professional Development Standard) Determination 2018 for the currently set requirements for continuing professional development. The instrument, originally made by the Financial Adviser Standards and Ethics Authority Ltd, was saved by section 1684M of the Act and will continue in force until it is repealed and remade by the Minister.","sortOrder":6},{"sectionNumber":"2‑30 Approved principles in relation to ","sectionType":"section","heading":"2‑30 Approved principles in relation to exams","content":"#### 2‑30 Approved principles in relation to exams\n\n Under subsection 921B(6) of the Act, each of the principles specified in a provision in this Division is an approved principle for the purposes of exams to be administered by ASIC under subsection 921B(3) of the Act.","sortOrder":7},{"sectionNumber":"2‑35 Principle 1: testing relevant knowl","sectionType":"section","heading":"2‑35 Principle 1: testing relevant knowledge and skills","content":"#### 2‑35 Principle 1: testing relevant knowledge and skills\n\n (1) This section specifies a principle relating to testing relevant knowledge and skills.\n (2) An exam must be designed to test whether the person taking the exam has the knowledge and skills covered in subsection (3) at a AQF level 7 as described in Australian Qualifications Framework, 2nd edition (January 2013) published by the Australian Qualifications Framework Council.\n\n> Note: On the day this instrument was registered, this publication was available at https://www.aqf.edu.au/.\n\n (3) For the purposes of subsection (2), an exam must cover each of the following knowledge and skills as they apply in relation to financial products:\n (a) knowledge and skills needed to understand and conform to the requirements of each of the following:\n (i) Chapter 7 of the Act;\n (ii) the Anti‑Money Laundering and Counter‑Terrorism Financing Act 2006;\n (iii) the Privacy Act 1988;\n (iv) Subdivision 50-AA of the Tax Agent Services Act 2009;\n (b) knowledge and skills needed to be able to apply ethical and professional reasoning, and to communicate effectively, including the ability to:\n (i) identify the obligations imposed by the Code of Ethics and how to comply with them; and\n (ii) articulate the importance of codes of ethics and codes of conduct, being guides of principles designed to help professionals conduct business honestly and with integrity, and the need for relevant providers to conform to the Code of Ethics in the context of professional standards; and\n (iii) apply ethical frameworks to solve dilemmas encountered as a relevant provider; and\n (iv) identify the importance of, and demonstrate, the duty of a relevant provider to act with integrity and in the best interest of each of the provider’s clients; and\n (v) identify the need for due diligence and the need to maintain client files and records;\n (c) knowledge and skills needed to construct suitable financial product advice through an understanding of:\n (i) the environment in which financial product advice is sought by and given to new and existing clients; and\n (ii) the need to prevent and avoid misconduct and inappropriate advice; and\n (iii) population and community profiles of retail clients; and\n (iv) consumer behaviour and decision‑making; and\n (v) the advice strategies suitable for different retail clients.","sortOrder":8},{"sectionNumber":"2‑40 Principle 2: exam questions","sectionType":"section","heading":"2‑40 Principle 2: exam questions","content":"#### 2‑40 Principle 2: exam questions\n\n (1) This section specifies a principle relating to the questions in an exam.\n (2) An exam must contain at least 70 questions.\n (3) An exam must contain only multiple-choice type questions.","sortOrder":9},{"sectionNumber":"2‑45 Principle 3: duration of exams","sectionType":"section","heading":"2‑45 Principle 3: duration of exams","content":"#### 2‑45 Principle 3: duration of exams\n\n (1) This section specifies a principle relating to the duration of an exam.\n (2) A person taking an exam must have 3.5 hours to complete the exam, of which at least 15 minutes must be set aside as reading time.","sortOrder":10},{"sectionNumber":"2‑50 Principle 4: marking or scoring of ","sectionType":"section","heading":"2‑50 Principle 4: marking or scoring of exams","content":"#### 2‑50 Principle 4: marking or scoring of exams\n\n (1) This section specifies a principle relating to the marking or scoring of an exam.\n (2) An exam must show the maximum marks that may be awarded for each question.\n (3) The questions in an exam, and the maximum marks that may be awarded for each question, must be approved by persons with appropriate expertise, as determined by ASIC.","sortOrder":11},{"sectionNumber":"2‑55 Principle 5: processes and procedur","sectionType":"section","heading":"2‑55 Principle 5: processes and procedures for the taking of exams","content":"#### 2‑55 Principle 5: processes and procedures for the taking of exams\n\n (1) This section specifies principles relating to processes and procedures relating to the taking of exams.\n Who may sit an exam?\n (2) A person may only take an exam if:\n (b) the person has applied to ASIC to take the exam (in the manner and form approved by ASIC), and has been subsequently enrolled by ASIC to take the exam at a particular date and time; and\n (c) the person has paid ASIC the prescribed fee to take the exam; and\n (d) the person has not been excluded from taking the exam under subsection (9).\n\n> Note: The amount of the fee is prescribed in the Corporations (Fees) Regulations 2001.\n\n Methods for taking an exam\n (3) An exam must be taken by one the following methods, as determined by ASIC for a person:\n (a) by attending a location at which an exam is to be held (an exam location);\n (b) by way of the internet or other technology that allows the person to take the exam without being physically present at an exam location;\n (c) by way of alternate arrangements in accordance with subsection (13).\n (4) A person is not to be admitted to an exam location for an exam unless the person:\n (a) meets the requirements of subsection (2), and has been advised by ASIC that the person is registered to attend the location to take the exam; or\n (b) is staff member or agent of ASIC; or\n (c) is present because of alternate arrangements made by ASIC under subsection (13).\n (5) ASIC may impose identification requirements for persons to be admitted to an exam location.\n\n> Note: For example, requirements for photo ID may be imposed.\n\n (6) A person may only take an exam using the equipment and materials permitted by ASIC to be used, and ASIC may impose reasonable and appropriate restrictions on the person to ensure only permitted equipment and materials are used.\n Conduct of the exam\n (7) A person taking an exam must not engage in any type of conduct that could be reasonably described as plagiarism, cheating, collusion, deception, impersonation, or another form of similar misconduct. An exam is to be properly supervised to prevent a person from engaging in such misconduct.\n (8) A person taking an exam must comply with an instruction or direction included in the exam document, or that is given by a staff member or agent of ASIC in connection with the exam.\n\n> Note: An example of an instruction or direction included in the exam document is an instruction not to start to record answers to exam questions until after the reading time for the exam has ended.\n\n Consequences of misconduct\n (9) If a person breaches subsection (6), (7) or (8), ASIC may do one or both of the following:\n (a) exclude the person from taking or continuing to take an exam;\n (b) fail the person.\n Marking and results\n (10) A person who has taken an exam is to be notified only that they have either passed or failed the exam, which is to be marked to an overall credit grade (a range of between 65% and 74%, with the final passing mark for a particular exam, being determined by ASIC, as informed by persons with appropriate expertise).\n Deferral of exams for exceptional circumstances\n (12) ASIC must make arrangements to give effect to all of the following:\n (a) that a person be able to apply to ASIC (in the manner and form approved by ASIC) to defer taking an exam at the particular date and time registered by ASIC, if due to exceptional circumstances beyond the person’s control, the person is unable to take the exam at that particular date and time;\n (b) establish and maintain reasonable systems and processes for making and dealing with those applications; and\n (c) that, if an application is granted, the person be registered to take the exam at another date and time without having to pay another fee.\n\n> Note 1: Exceptional circumstances beyond the person’s control under paragraph (a) may include acute illness, recent loss or bereavement, hardship or trauma (including being the victim of crime or severe disruption to domestic life), a natural disaster, imposition of a public health order, unforeseen call‑up for service (including military service, court appearance, jury service or emergency service), an unexpected equipment failure or malfunction during the exam.\n\n> Note 2: Reasonable processes under paragraph (b) may include requirements for medical or other certificates, or other evidence, to be provided.\n\n Alternative arrangements\n (13) If ASIC is satisfied that it is reasonable and appropriate in the circumstances to do so, ASIC may make alternate arrangements as to the methods for a person to take an exam. A person requesting alternate arrangements must do so by way of an application to ASIC (in the manner and form approved by ASIC). ASIC must ensure that reasonable and appropriate provision is made for persons with special needs.\n\n> Note For example, reasonable and appropriate provisions may include adjustable desks, ensuring that computer screens have larger fonts, higher contrasting colours and reader assistance (for persons with visual impairments) and support to ensure that staff members can communicate effectively with a person with a hearing impairment.","sortOrder":12},{"sectionNumber":"Division 3","sectionType":"division","heading":"The third standard","content":"### Division 3—The third standard\n\nNote: See Corporations (Work and Training Professional Year Standard) Determination 2018 for the currently set requirements for work and training. The instrument, originally made by the Financial Adviser Standards and Ethics Authority Ltd, was saved by section 1684M of the Act and will continue in force until it is repealed and remade by the Minister.","sortOrder":13},{"sectionNumber":"Division 4","sectionType":"division","heading":"The fourth standard","content":"### Division 4—The fourth standard\n\nNote: See Corporations (Relevant Providers Continuing Professional Development Standard) Determination 2018 for the currently set requirements for continuing professional development. The instrument, originally made by the Financial Adviser Standards and Ethics Authority Ltd, was saved by section 1684M of the Act and will continue in force until it is repealed and remade by the Minister.","sortOrder":14},{"sectionNumber":"Part 3","sectionType":"part","heading":"Additional requirements for relevant providers who provide tax (financial) advice services","content":"## Part 3—Additional requirements for relevant providers who provide tax (financial) advice services\n\n### Division 3—Requirements to complete specified courses\n\n#### 3‑60 Requirement to complete specified courses\n\n Under subsection 921BB(1) of the Act, each requirement to have completed a specified course set out in a provision in this Division is determined as a requirement for a person who provides, or is to provide, a tax (financial) advice service.\n\n#### 3‑65 Specified course: commercial law\n\n (1) This section specifies a requirement to have completed a course in commercial law (commercial law course).\n (2) The commercial law course must be one that covers each of the following subject matters:\n (a) Australian laws relating to contracts;\n (b) Australian laws relating to organisational business structures and governance;\n (c) Australian laws relating to torts, particularly the torts of negligence and negligent misstatement;\n (d) the Competition and Consumer Act 2010.\n\n> Note: Organisational business structures referred to in paragraph (b) includes sole traders, partnerships, corporations and trusts.\n\n (3) The commercial law course must be designed to provide a person with, as well as assurances that the person then has, knowledge and skills in the subject matters covered in subsection (2) at not less than an AQF level 5 as described in Australian Qualifications Framework, 2nd edition (January 2013) published by the Australian Qualifications Framework Council.\n\n> Note: On the day this instrument was registered, this publication was available at https://www.aqf.edu.au/.\n\n (4) The commercial law course must be provided by a registered higher education provider (within the meaning of the Tertiary Education Quality and Standards Agency Act 2011) or a registered training organisation (within the meaning of the National Vocational Education and Training Regulator Act 2011).\n\n#### 3‑70 Specified course: taxation law\n\n (1) This section specifies a requirement to have completed a course in Australian taxation law (tax law course).\n (2) The tax law course must be one that covers each of the following subject matters:\n (a) Australian income tax law focussing on the following core concepts:\n (i) assessable income, including ordinary income and statutory income;\n (ii) deductions, including general deductions and specific deductions;\n (iii) tax offsets;\n (iv) residence;\n (v) source;\n (vi) capital allowances;\n (b) Australian income tax law as it applies to each of the following types of entity:\n (i) an individual;\n (ii) a partnership;\n (iii) a company;\n (iv) a trust;\n (c) Australian income tax law and fringe benefits tax law as each applies to employee remuneration, including non‑cash benefits, employment termination payments and employee share interests;\n (d) Australian income tax law as it applies to capital gains and losses;\n (e) Australian income tax law as it applies to superannuation, including the application of the law to contributions, earnings and benefits;\n (f) Australian income tax law as it applies to investments;\n (g) Australian income tax law relating to anti‑avoidance, and taxation offences and penalties, including the promoter penalty rules;\n (h) Australian laws relating to the goods and services tax, focusing on the core concepts and tax administration.\n\n> Note 1: The relevant Acts providing for Australia’s income tax include the Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997.\n\n> Note 2: The relevant Acts providing for Australia’s fringe benefits tax include the Fringe Benefits Tax Assessment Act 1986.\n\n> Note 3: The relevant Acts providing for Australia’s goods and services tax include the A New Tax System (Goods and Services Tax) Act 1999.\n\n (3) The tax law course must be designed to provide a person taking the course with, as well as assurances that the person then has, knowledge and skills in the subject matters covered in subsection (2) at not less than an AQF level 5 as described in Australian Qualifications Framework, 2nd edition (January 2013) published by the Australian Qualifications Framework Council.\n\n> Note: On the day this instrument was registered, this publication was available at https://www.aqf.edu.au/.\n\n (4) The tax law course must be provided by one of the following:\n (a) a registered higher education provider (within the meaning of the Tertiary Education Quality and Standards Agency Act 2011);\n (b) a registered training organisation (within the meaning of the National Vocational Education and Training Regulator Act 2011);\n (c) an organisation specified in Part 2 of Schedule 3 to this instrument.","sortOrder":15},{"sectionNumber":"3‑60 Requirement to complete specified c","sectionType":"section","heading":"3‑60 Requirement to complete specified courses","content":"#### 3‑60 Requirement to complete specified courses\n\n Under subsection 921BB(1) of the Act, each requirement to have completed a specified course set out in a provision in this Division is determined as a requirement for a person who provides, or is to provide, a tax (financial) advice service.","sortOrder":17},{"sectionNumber":"3‑65 Specified course: commercial law","sectionType":"section","heading":"3‑65 Specified course: commercial law","content":"#### 3‑65 Specified course: commercial law\n\n (1) This section specifies a requirement to have completed a course in commercial law (commercial law course).\n (2) The commercial law course must be one that covers each of the following subject matters:\n (a) Australian laws relating to contracts;\n (b) Australian laws relating to organisational business structures and governance;\n (c) Australian laws relating to torts, particularly the torts of negligence and negligent misstatement;\n (d) the Competition and Consumer Act 2010.\n\n> Note: Organisational business structures referred to in paragraph (b) includes sole traders, partnerships, corporations and trusts.\n\n (3) The commercial law course must be designed to provide a person with, as well as assurances that the person then has, knowledge and skills in the subject matters covered in subsection (2) at not less than an AQF level 5 as described in Australian Qualifications Framework, 2nd edition (January 2013) published by the Australian Qualifications Framework Council.\n\n> Note: On the day this instrument was registered, this publication was available at https://www.aqf.edu.au/.\n\n (4) The commercial law course must be provided by a registered higher education provider (within the meaning of the Tertiary Education Quality and Standards Agency Act 2011) or a registered training organisation (within the meaning of the National Vocational Education and Training Regulator Act 2011).","sortOrder":18},{"sectionNumber":"3‑70 Specified course: taxation law","sectionType":"section","heading":"3‑70 Specified course: taxation law","content":"#### 3‑70 Specified course: taxation law\n\n (1) This section specifies a requirement to have completed a course in Australian taxation law (tax law course).\n (2) The tax law course must be one that covers each of the following subject matters:\n (a) Australian income tax law focussing on the following core concepts:\n (i) assessable income, including ordinary income and statutory income;\n (ii) deductions, including general deductions and specific deductions;\n (iii) tax offsets;\n (iv) residence;\n (v) source;\n (vi) capital allowances;\n (b) Australian income tax law as it applies to each of the following types of entity:\n (i) an individual;\n (ii) a partnership;\n (iii) a company;\n (iv) a trust;\n (c) Australian income tax law and fringe benefits tax law as each applies to employee remuneration, including non‑cash benefits, employment termination payments and employee share interests;\n (d) Australian income tax law as it applies to capital gains and losses;\n (e) Australian income tax law as it applies to superannuation, including the application of the law to contributions, earnings and benefits;\n (f) Australian income tax law as it applies to investments;\n (g) Australian income tax law relating to anti‑avoidance, and taxation offences and penalties, including the promoter penalty rules;\n (h) Australian laws relating to the goods and services tax, focusing on the core concepts and tax administration.\n\n> Note 1: The relevant Acts providing for Australia’s income tax include the Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997.\n\n> Note 2: The relevant Acts providing for Australia’s fringe benefits tax include the Fringe Benefits Tax Assessment Act 1986.\n\n> Note 3: The relevant Acts providing for Australia’s goods and services tax include the A New Tax System (Goods and Services Tax) Act 1999.\n\n (3) The tax law course must be designed to provide a person taking the course with, as well as assurances that the person then has, knowledge and skills in the subject matters covered in subsection (2) at not less than an AQF level 5 as described in Australian Qualifications Framework, 2nd edition (January 2013) published by the Australian Qualifications Framework Council.\n\n> Note: On the day this instrument was registered, this publication was available at https://www.aqf.edu.au/.\n\n (4) The tax law course must be provided by one of the following:\n (a) a registered higher education provider (within the meaning of the Tertiary Education Quality and Standards Agency Act 2011);\n (b) a registered training organisation (within the meaning of the National Vocational Education and Training Regulator Act 2011);\n (c) an organisation specified in Part 2 of Schedule 3 to this instrument.","sortOrder":19},{"sectionNumber":"Division 5","sectionType":"division","heading":"Requirements for continuing professional development","content":"### Division 5—Requirements for continuing professional development\n\n#### 3‑120 Requirement for continuing professional development\n\n Under subsection 921BB(1) of the Act, each requirement for continuing professional development in relation to the CPD year of a financial services licensee set out in a provision in this Division, is determined as a requirement for a person who provides, or is to provide, a tax (financial) advice service.\n\n#### 3‑125 Additional requirements for tax‑specific CPD\n\n (1) A relevant provider who provides, or is to provide a tax (financial) advice service, must complete continuing professional development activities, in accordance with this section, to maintain and extend their knowledge and skills in Australian commercial and taxation law, as is relevant to providing a tax (financial) advice service.\n (2) The additional requirements set out in this section for continuing professional development activities in commercial and taxation law supplement the education and training standards for relevant providers relating to continuing professional development as determined by the Minister in the Corporations (Relevant Providers Continuing Professional Development Standard) Determination 2018.\n (3) The requirements in the Corporations (Relevant Providers Continuing Professional Development Standard) Determination 2018 are to be supplemented by applying the Determination as if all the following changes had been incorporated into the Determination:\n (a) repeal item 1 in the table in section 7 of the Determination and substitute:\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, but is not in an area referred to in item 6 of this table. | Technical competence |\n| 2 | The activity is designed to enhance participants’ ability to act as a client‑centric practitioner in advising retail clients, but is not in an area referred to in item 6 of this table. | Client care and practice |\n| 3 | The activity is designed to enhance participants’ understanding of applicable legal obligations and how to comply with them, but is not in an area referred to in item 6 of this table. | Regulatory compliance and consumer protection |\n| 4 | The activity is designed to enhance participants’ capacity to act as an ethical professional, but is not in an area referred to in item 6 of this table. | 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 |\n| 6 | The activity is designed to maintain, extend or enhance a participants’ professional or technical capabilities, knowledge and skills, including keeping up to date with regulatory, technical and other developments, relevant to providing tax (financial) advice services. | Tax (financial) advice |\n\n (b) repeal paragraph 9(2)(d) of the Determination and substitute:\n “(d) a minimum of 9 hours in the CPD area of professionalism and ethics; and\n (e) a minimum of 5 hours in the CPD area of tax (financial) advice.”.","sortOrder":20},{"sectionNumber":"3‑120 Requirement for continuing profess","sectionType":"section","heading":"3‑120 Requirement for continuing professional development","content":"#### 3‑120 Requirement for continuing professional development\n\n Under subsection 921BB(1) of the Act, each requirement for continuing professional development in relation to the CPD year of a financial services licensee set out in a provision in this Division, is determined as a requirement for a person who provides, or is to provide, a tax (financial) advice service.","sortOrder":21},{"sectionNumber":"3‑125 Additional requirements for tax‑sp","sectionType":"section","heading":"3‑125 Additional requirements for tax‑specific CPD","content":"#### 3‑125 Additional requirements for tax‑specific CPD\n\n (1) A relevant provider who provides, or is to provide a tax (financial) advice service, must complete continuing professional development activities, in accordance with this section, to maintain and extend their knowledge and skills in Australian commercial and taxation law, as is relevant to providing a tax (financial) advice service.\n (2) The additional requirements set out in this section for continuing professional development activities in commercial and taxation law supplement the education and training standards for relevant providers relating to continuing professional development as determined by the Minister in the Corporations (Relevant Providers Continuing Professional Development Standard) Determination 2018.\n (3) The requirements in the Corporations (Relevant Providers Continuing Professional Development Standard) Determination 2018 are to be supplemented by applying the Determination as if all the following changes had been incorporated into the Determination:\n (a) repeal item 1 in the table in section 7 of the Determination and substitute:\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, but is not in an area referred to in item 6 of this table. | Technical competence |\n| 2 | The activity is designed to enhance participants’ ability to act as a client‑centric practitioner in advising retail clients, but is not in an area referred to in item 6 of this table. | Client care and practice |\n| 3 | The activity is designed to enhance participants’ understanding of applicable legal obligations and how to comply with them, but is not in an area referred to in item 6 of this table. | Regulatory compliance and consumer protection |\n| 4 | The activity is designed to enhance participants’ capacity to act as an ethical professional, but is not in an area referred to in item 6 of this table. | 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 |\n| 6 | The activity is designed to maintain, extend or enhance a participants’ professional or technical capabilities, knowledge and skills, including keeping up to date with regulatory, technical and other developments, relevant to providing tax (financial) advice services. | Tax (financial) advice |\n\n (b) repeal paragraph 9(2)(d) of the Determination and substitute:\n “(d) a minimum of 9 hours in the CPD area of professionalism and ethics; and\n (e) a minimum of 5 hours in the CPD area of tax (financial) advice.”.","sortOrder":22},{"sectionNumber":"Division 6","sectionType":"division","heading":"Application and transitional arrangements in relation to additional requirements for relevant providers who provide tax (financial) advice services","content":"### Division 6—Application and transitional arrangements in relation to additional requirements for relevant providers who provide tax (financial) advice services\n\n#### Subdivision 6-C—Application and transitional arrangements in relation to requirements to complete specified courses\n\n#### 3-170 Transitional—relevant providers who are registered tax (financial) advisers on 31 December 2021\n\n The requirements in Division 3 of Part 3 of this instrument do not apply to a person that is, or is to be, a relevant provider if the person was a registered tax (financial) adviser under subsection 20‑5(1) of the Tax Agent Services Act 2009 as in force immediately before 1 January 2022.\n\n#### 3‑171 Transitional—relevant providers awaiting registration as tax (financial) advisers on 31 December 2021\n\n (1) The requirements in Division 3 of Part 3 of this instrument do not apply to a person, from the start of the day specified in subsection (2), if:\n (a) the person is, or is to be, a relevant provider; and\n (b) before 1 January 2022, the person made an application under section 20‑20 of the Tax Agent Services Act 2009 (as in force immediately before 1 January 2022) for registration as a registered tax (financial) adviser; and\n (c) immediately before 1 January 2022, the application had not been finally determined; and\n (d) after 1 January 2022, the application is granted.\n\n> Note: See item 140 in Schedule 1 to the Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Act 2021 for transitional rules in relation to pending applications for registration of registered tax (financial) advisers on 1 January 2022.\n\n (2) For the purposes of subsection (1), the specified day is the day that a person’s registration as a registered tax (financial) adviser commences.\n\n#### 3‑172 Transitional—other relevant providers\n\n (1) The requirements in Division 3 of Part 3 of this instrument do not apply to a person for the period specified by subsection (2) if:\n (a) the person is, or is to be, a relevant provider; and\n (b) the person is an existing provider (within the meaning of section 1546A of the Act); and\n (c) the person is not covered by section 3‑170 or 3‑171.\n (2) For the purposes of subsection (1), the period specified is the period, for a person, from 1 January 2022 to the earliest of the following times:\n (a) if the person has not met the education and training standard in subsection 921B(3) of the Act on the exam cut‑off day (within the meaning of section 1684 of the Act) for the person, and the person is a relevant provider on that day—the exam cut‑off day for the person; and\n (b) otherwise—31 December 2025.\n\n#### 3‑173 Transitional—commercial law courses completed before 1 January 2022\n\n For the purposes of sections 3-60 and 3-65 of this instrument, a person is taken to have completed a course in commercial law if:\n (a) the person successfully completed the course before 1 January 2022; and\n (b) the course was a course approved by the Tax Practitioners Board under paragraphs 301(b), 302(b) and 303(a) of Schedule 2 to Tax Agent Services Regulations 2009 (as in force on 31 December 2021).\n\n#### 3‑174 Transitional—tax law courses completed before 1 January 2022\n\n For the purposes of sections 3-60 and 3-70 of this instrument, a person is taken to have completed a course in Australian taxation law if:\n (a) the person successfully completed the course before 1 January 2022; and\n (b) the course was a course approved by the Tax Practitioners Board under paragraphs 301(b), 302(b) and 303(a) of Schedule 2 to Tax Agent Services Regulations 2009 (as in force on 31 December 2021).\n\n#### Subdivision 6-E—Application and transitional arrangements in relation to continuing professional development\n\n#### 3‑200 Application—Additional requirements for tax‑specific CPD\n\n Division 5 of Part 3 of this instrument applies in relation to CPD years that begin on or after 1 January 2023.","sortOrder":23},{"sectionNumber":"Subdivision 6","sectionType":"subdivision","heading":"C—Application and transitional arrangements in relation to requirements to complete specified courses","content":"### Division 6—Application and transitional arrangements in relation to additional requirements for relevant providers who provide tax (financial) advice services\n\n#### Subdivision 6-C—Application and transitional arrangements in relation to requirements to complete specified courses\n\n#### 3-170 Transitional—relevant providers who are registered tax (financial) advisers on 31 December 2021\n\n The requirements in Division 3 of Part 3 of this instrument do not apply to a person that is, or is to be, a relevant provider if the person was a registered tax (financial) adviser under subsection 20‑5(1) of the Tax Agent Services Act 2009 as in force immediately before 1 January 2022.\n\n#### 3‑171 Transitional—relevant providers awaiting registration as tax (financial) advisers on 31 December 2021\n\n (1) The requirements in Division 3 of Part 3 of this instrument do not apply to a person, from the start of the day specified in subsection (2), if:\n (a) the person is, or is to be, a relevant provider; and\n (b) before 1 January 2022, the person made an application under section 20‑20 of the Tax Agent Services Act 2009 (as in force immediately before 1 January 2022) for registration as a registered tax (financial) adviser; and\n (c) immediately before 1 January 2022, the application had not been finally determined; and\n (d) after 1 January 2022, the application is granted.\n\n> Note: See item 140 in Schedule 1 to the Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Act 2021 for transitional rules in relation to pending applications for registration of registered tax (financial) advisers on 1 January 2022.\n\n (2) For the purposes of subsection (1), the specified day is the day that a person’s registration as a registered tax (financial) adviser commences.\n\n#### 3‑172 Transitional—other relevant providers\n\n (1) The requirements in Division 3 of Part 3 of this instrument do not apply to a person for the period specified by subsection (2) if:\n (a) the person is, or is to be, a relevant provider; and\n (b) the person is an existing provider (within the meaning of section 1546A of the Act); and\n (c) the person is not covered by section 3‑170 or 3‑171.\n (2) For the purposes of subsection (1), the period specified is the period, for a person, from 1 January 2022 to the earliest of the following times:\n (a) if the person has not met the education and training standard in subsection 921B(3) of the Act on the exam cut‑off day (within the meaning of section 1684 of the Act) for the person, and the person is a relevant provider on that day—the exam cut‑off day for the person; and\n (b) otherwise—31 December 2025.\n\n#### 3‑173 Transitional—commercial law courses completed before 1 January 2022\n\n For the purposes of sections 3-60 and 3-65 of this instrument, a person is taken to have completed a course in commercial law if:\n (a) the person successfully completed the course before 1 January 2022; and\n (b) the course was a course approved by the Tax Practitioners Board under paragraphs 301(b), 302(b) and 303(a) of Schedule 2 to Tax Agent Services Regulations 2009 (as in force on 31 December 2021).\n\n#### 3‑174 Transitional—tax law courses completed before 1 January 2022\n\n For the purposes of sections 3-60 and 3-70 of this instrument, a person is taken to have completed a course in Australian taxation law if:\n (a) the person successfully completed the course before 1 January 2022; and\n (b) the course was a course approved by the Tax Practitioners Board under paragraphs 301(b), 302(b) and 303(a) of Schedule 2 to Tax Agent Services Regulations 2009 (as in force on 31 December 2021).\n\n#### Subdivision 6-E—Application and transitional arrangements in relation to continuing professional development\n\n#### 3‑200 Application—Additional requirements for tax‑specific CPD\n\n Division 5 of Part 3 of this instrument applies in relation to CPD years that begin on or after 1 January 2023.","sortOrder":24},{"sectionNumber":"3","sectionType":"section","heading":"170 Transitional—relevant providers who are registered tax (financial) advisers on 31 December 2021","content":"#### 3-170 Transitional—relevant providers who are registered tax (financial) advisers on 31 December 2021\n\n The requirements in Division 3 of Part 3 of this instrument do not apply to a person that is, or is to be, a relevant provider if the person was a registered tax (financial) adviser under subsection 20‑5(1) of the Tax Agent Services Act 2009 as in force immediately before 1 January 2022.","sortOrder":25},{"sectionNumber":"3‑171 Transitional—relevant providers aw","sectionType":"section","heading":"3‑171 Transitional—relevant providers awaiting registration as tax (financial) advisers on 31 December 2021","content":"#### 3‑171 Transitional—relevant providers awaiting registration as tax (financial) advisers on 31 December 2021\n\n (1) The requirements in Division 3 of Part 3 of this instrument do not apply to a person, from the start of the day specified in subsection (2), if:\n (a) the person is, or is to be, a relevant provider; and\n (b) before 1 January 2022, the person made an application under section 20‑20 of the Tax Agent Services Act 2009 (as in force immediately before 1 January 2022) for registration as a registered tax (financial) adviser; and\n (c) immediately before 1 January 2022, the application had not been finally determined; and\n (d) after 1 January 2022, the application is granted.\n\n> Note: See item 140 in Schedule 1 to the Financial Sector Reform (Hayne Royal Commission Response—Better Advice) Act 2021 for transitional rules in relation to pending applications for registration of registered tax (financial) advisers on 1 January 2022.\n\n (2) For the purposes of subsection (1), the specified day is the day that a person’s registration as a registered tax (financial) adviser commences.","sortOrder":26},{"sectionNumber":"3‑172 Transitional—other relevant provid","sectionType":"section","heading":"3‑172 Transitional—other relevant providers","content":"#### 3‑172 Transitional—other relevant providers\n\n (1) The requirements in Division 3 of Part 3 of this instrument do not apply to a person for the period specified by subsection (2) if:\n (a) the person is, or is to be, a relevant provider; and\n (b) the person is an existing provider (within the meaning of section 1546A of the Act); and\n (c) the person is not covered by section 3‑170 or 3‑171.\n (2) For the purposes of subsection (1), the period specified is the period, for a person, from 1 January 2022 to the earliest of the following times:\n (a) if the person has not met the education and training standard in subsection 921B(3) of the Act on the exam cut‑off day (within the meaning of section 1684 of the Act) for the person, and the person is a relevant provider on that day—the exam cut‑off day for the person; and\n (b) otherwise—31 December 2025.","sortOrder":27},{"sectionNumber":"3‑173 Transitional—commercial law course","sectionType":"section","heading":"3‑173 Transitional—commercial law courses completed before 1 January 2022","content":"#### 3‑173 Transitional—commercial law courses completed before 1 January 2022\n\n For the purposes of sections 3-60 and 3-65 of this instrument, a person is taken to have completed a course in commercial law if:\n (a) the person successfully completed the course before 1 January 2022; and\n (b) the course was a course approved by the Tax Practitioners Board under paragraphs 301(b), 302(b) and 303(a) of Schedule 2 to Tax Agent Services Regulations 2009 (as in force on 31 December 2021).","sortOrder":28},{"sectionNumber":"3‑174 Transitional—tax law courses compl","sectionType":"section","heading":"3‑174 Transitional—tax law courses completed before 1 January 2022","content":"#### 3‑174 Transitional—tax law courses completed before 1 January 2022\n\n For the purposes of sections 3-60 and 3-70 of this instrument, a person is taken to have completed a course in Australian taxation law if:\n (a) the person successfully completed the course before 1 January 2022; and\n (b) the course was a course approved by the Tax Practitioners Board under paragraphs 301(b), 302(b) and 303(a) of Schedule 2 to Tax Agent Services Regulations 2009 (as in force on 31 December 2021).","sortOrder":29},{"sectionNumber":"3‑200 Application—Additional requirement","sectionType":"section","heading":"3‑200 Application—Additional requirements for tax‑specific CPD","content":"#### 3‑200 Application—Additional requirements for tax‑specific CPD\n\n Division 5 of Part 3 of this instrument applies in relation to CPD years that begin on or after 1 January 2023.","sortOrder":31}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":true,"description":"This instrument broadens and specifies the educational and ongoing training obligations for relevant providers beyond general qualification standards by (a) prescribing detailed, prescriptive exam mechanics and content (AQF level 7 testing and numeric requirements) to be administered by ASIC (Division 2, Part 2), and (b) adding tax‑specific mandatory coursework (commercial law and tax law at AQF level 5) and minimum CPD hours for tax (financial) advice (Part 3, Divisions 3 and 5). Compared with a more general education standard, the Determination creates specific course‑level prerequisites, limits who may deliver approved courses (registered higher education providers, RTOs, and named organisations), and imposes quantifiable CPD minima for tax advice. The instrument therefore extends the original, higher‑level education standard into a more prescriptive regime targeted at tax‑related advice and the operational design of ASIC‑run exams (see ss 2‑35, 3‑65, 3‑70, 3‑125)."},"complexity_factors":["Multiple external cross‑references: Corporations Act (ss 910A, 921B, 921BB, 1684M), Tax Agent Services Act, AQF publication, Anti‑Money Laundering and Counter‑Terrorism Financing Act, Privacy Act, TPB approvals, Corporations (Fees) Regulations 2001","Several interacting Parts/Divisions with delegated standards saved from earlier instruments (Degrees Determination 2020; Professional Year 2018; CPD Determination 2018) creating layered regulatory dependencies","Detailed exam rules with numeric minima and procedural conditions (minimum 70 questions, 3.5 hours, 15 minutes reading time, multiple choice only, pass band 65–74%) (ss 2‑40, 2‑45, 2‑55(10))","Course content specifications require meeting AQF levels (level 7 for exams, level 5 for specified courses) — reliance on external AQF definitions (ss 2‑35(2), 3‑65(3), 3‑70(3))","Conditional transitional logic with multiple branches and different cohorts (registered advisers, pending applicants, existing providers, exam cut‑off day, and dates up to 31 Dec 2025) (ss 3‑170–3‑172)","Limits on approved course providers (registered higher education providers, RTOs, and named organisations) which create administrative verification points (ss 3‑65(4), 3‑70(4), Part 2)","CPD table amendment and minimum hours introduce both quantitative and categorisation complexity for compliance (s 3‑125 and substituted table)","Regulatory discretion granted to ASIC over exam delivery methods, approval of questions and pass mark determination (ss 2‑50(3), 2‑55(3), 2‑55(10))"],"plain_english_summary":"**What this instrument does (mechanics)\n\n- Sets mandatory education and training standards for \"relevant providers\" (financial advisers and similar persons as defined in the Corporations Act) in relation to exams, specified courses for those who provide tax (financial) advice services, and additional continuing professional development (CPD) requirements. Key provisions:\n - Exam rules that ASIC must apply when it administers exams: the exam must test AQF level 7 knowledge and skills (see s 2‑35), contain at least 70 multiple‑choice questions (s 2‑40), run for 3.5 hours with at least 15 minutes reading time (s 2‑45), show maximum marks and be approved by experts as determined by ASIC (s 2‑50), and include application/enrolment, ID, permitted equipment, misconduct rules and deferral/alternate‑arrangements procedures (s 2‑55). The instrument also specifies that candidates are told only pass/fail and that the exam is marked to an overall \"credit\" band (65–74%), with the precise pass mark for a particular exam set by ASIC informed by experts (s 2‑55(10)).\n - For relevant providers who give tax (financial) advice, the instrument requires completion of specified courses: a commercial law course covering contracts, business structures/governance, torts (negligence and negligent misstatement) and the Competition and Consumer Act 2010 (s 3‑65); and a tax law course covering a defined set of Australian income tax, fringe benefits tax and GST topics (s 3‑70). Both courses must be at least AQF level 5 in standard and must be delivered by an approved provider (registered higher education provider, registered training organisation, or certain specified organisations) (ss 3‑65(3)–(4), 3‑70(3)–(4)). Part 2 names CPA Australia and the Financial Planning Association of Australia as specified organisations for the tax law course.\n - Adds tax‑specific CPD requirements for relevant providers who deliver tax (financial) advice: it modifies the existing CPD table to add a CPD area for \"Tax (financial) advice\" and requires a minimum of 9 hours in professionalism/ethics and a minimum of 5 hours in tax (financial) advice in each CPD year (s 3‑125 and substituted table / para 9(2)).\n - Contains transitional and application rules: existing registered tax (financial) advisers and certain pending applicants are exempt from the new course requirements (ss 3‑170–3‑171); other existing providers get a multi‑year transitional window (to an \"exam cut‑off day\" or 31 Dec 2025) to meet requirements (s 3‑172); prior TPB‑approved courses completed before 1 Jan 2022 are recognised as meeting the new course requirements (ss 3‑173–3‑174); the tax‑specific CPD changes apply to CPD years starting on or after 1 Jan 2023 (s 3‑200).\n\n**Who it affects\n\n- Primary affected group: \"Relevant providers\" under the Corporations Act who give financial product advice, and especially those who give tax (financial) advice services. That includes new entrants aiming to meet the education and training standard and incumbent advisers who provide tax‑related advice. (See definitions referenced in the instrument; many terms are taken from the Corporations Act — s 1‑4.)\n- Secondary affected parties: exam candidates (must apply, pay ASIC fees, satisfy ID and equipment rules), training/course providers (only registered higher education providers, registered training organisations, or specified organisations can deliver required courses), and ASIC (responsible for administering and approving exam design, question approval, enrolment processes and reasonable adjustments).\n\n**Why it matters (stated purpose and practical effects)\n\n- Stated purpose: to prescribe the education, exam and CPD standards that demonstrate a relevant provider has the minimum qualification, knowledge and ongoing training necessary to give financial product advice — with specific additional requirements for tax (financial) advice (see ss 2‑35, 3‑65, 3‑70, 3‑125).\n\n- Practical effects and implementation‑level consequences to note:\n - Compliance costs fall on individuals and firms: candidates must pay exam fees (see s 2‑55(2)(c) and Corporations (Fees) Regulations 2001), undertake specified commercial and tax law courses from approved providers (ss 3‑65(4), 3‑70(4)), and meet extra CPD hours (s 3‑125). Those are direct financial and time costs.\n - Provider market effects: the requirement that specified courses be delivered by registered higher education providers, registered training organisations or organisations listed in the instrument channels demand to those providers (ss 3‑65(4), 3‑70(4) and Part 2), concentrating benefits on recognised course deliverers (e.g. CPA Australia, FPA). That narrows the set of eligible course suppliers compared with an open market for continuing education.\n - Entry and retention incentives: the exam design and course prerequisites create clearer entry barriers (exam content at AQF level 7; specified AQF level 5 course content for tax/commercial law) which may raise the minimum skill floor but also increase the cost and time to enter or remain authorised to provide tax (financial) advice (ss 2‑35, 3‑65(3), 3‑70(3)).\n - Administrative discretion and expert input: ASIC is given delegated discretion to determine exam delivery methods, identification and equipment rules, approval of questions and of passing marks (ss 2‑50(3), 2‑55(3)–(6), 2‑55(10)). That concentrates decision authority in a regulator but requires ASIC to consult or rely on persons \"with appropriate expertise.\" The instrument therefore creates room for regulatory design choices and consequential operational risk.\n - Transitional relief reduces short‑term disruption: existing registered tax (financial) advisers and pending applicants are exempt from new course requirements, and other incumbent providers get until an exam cut‑off day or 31 Dec 2025 to comply (ss 3‑170–3‑172). This staggers implementation and reduces immediate compliance burden for incumbents.\n\n**Costs, incentives and trade‑offs (tested against the instrument text)\n\n- Who pays: individual relevant providers (exam fees, time spent on courses and CPD) and course providers (to meet and market approved course standards). Firms that employ advisers may bear training and re‑skilling costs.\n- Incentives: tighter, prescriptive standards encourage advisers to obtain formal commercial and tax law knowledge and to keep up CPD in tax matters; at the same time, they increase the marginal cost of offering tax‑related advice and could narrow supply if some advisers opt out.\n- Opportunity costs and substitution effects: advisers may shift away from providing tax (financial) advice (or delegate it) if the incremental compliance/training costs exceed expected revenue; demand for approved course providers will increase while non‑approved continuing education providers may lose market share.\n- Implementation and compliance risks: ASIC must operationalise exam delivery, question approval and alternative arrangements (ss 2‑50, 2‑55). There is scope for disputes about whether particular courses meet AQF level requirements or whether a candidate’s prior study qualifies under transitional recognition (ss 3‑65(3), 3‑70(3), 3‑173–3‑174).\n\n**Selected section references (for quick navigation)\n- Exam content, format and administration: ss 2‑35, 2‑40, 2‑45, 2‑50, 2‑55.\n- Specified courses for tax advice: ss 3‑65 (commercial law), 3‑70 (tax law), plus Part 2 (lists CPA Australia and FPA) and s 3‑60 (linking requirement to s 921BB of the Corporations Act).\n- Tax‑specific CPD changes: s 3‑125 (and table substitution), and s 3‑200 for application timing.\n- Transitional arrangements and recognition of prior courses: ss 3‑170–3‑174.\n\n(Notes: the instrument cross‑references multiple other laws and determinations — e.g. the Corporations Act definitions, the Australian Qualifications Framework, the Tax Agent Services Act and prior determinations saved under s 1684M — which shape how the standards operate in practice; see s 1‑4 and the notes throughout.)"},"kimi_summary":{"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":false,"description":"The legislation appears to be operating within its original intended scope. It implements the education and training standards for financial advisers as envisioned by the Corporations Act reforms (particularly post-Hayne Royal Commission). While it contains extensive transitional arrangements to bridge from the old FASEA regime to the new ASIC-administered regime, these are temporal accommodations rather than scope creep. The instrument does not appear to have expanded beyond setting education standards, exam requirements, and transitional rules for relevant providers."},"complexity_factors":["Extensive cross-referencing to other instruments and Acts (Corporations Act, Tax Agent Services Act, AQF framework, multiple FASEA determinations saved by transitional provisions)","Nested transitional provisions with multiple conditions and cut-off dates (sections 3-170 to 3-174)","Incorporation of external standards by reference (Australian Qualifications Framework 2nd edition)","Modification of another determination by 'as if' incorporation (section 3-125 modifies the CPD Determination 2018)","Multiple defined terms imported from the Corporations Act rather than defined locally","Duplicative structure with repeated divisions (the text appears to contain duplicated sections, suggesting compilation or formatting issues in the source)"],"plain_english_summary":"This instrument sets national exam, training and CPD standards for financial advisers ( “relevant providers” and tax (financial) advisers) and directs ASIC on how to run exams, accommodations and conduct rules. It also requires extra diploma‑level commercial and taxation law courses and higher tax/ethics CPD for tax advisers, with transitional and grandfathering provisions to protect existing advisers.\n\nIt raises professional standards post‑Hayne Royal Commission to improve adviser competence and consumer protection."}},"importantCases":[],"_links":{"self":"/api/acts/corporations-relevant-providers-education-and-training-standards-determination-2021","history":"/api/acts/corporations-relevant-providers-education-and-training-standards-determination-2021/history","analysis":"/api/acts/corporations-relevant-providers-education-and-training-standards-determination-2021/analysis","conflicts":"/api/acts/corporations-relevant-providers-education-and-training-standards-determination-2021/conflicts","importantCases":"/api/acts/corporations-relevant-providers-education-and-training-standards-determination-2021/important-cases","documents":"/api/acts/corporations-relevant-providers-education-and-training-standards-determination-2021/documents"}}