5Definitions

5 Definitions

Note: Code of Ethics and relevant provider are defined in section 910A of the Act. Existing provider is defined in section 1546A of the Act.

Definitions (1) In this determination:

Act means the Corporations Act 2001.

advanced diploma of financial planning means:

(a) a diploma awarded by an NVR registered training organisation within the meaning of the National Vocational Education and Training Regulator Act 2011, being a diploma that:
(i) satisfies the AQF criteria for AQF level 6 or higher; and
(ii) includes 8 units of study that are specific to financial planning or financial advice; or
(b) the Advanced Diploma of Financial Services (Financial Planning); or
(c) the 8 unit Diploma of Financial Planning offered by Financial Planning Association of Australia Limited; or
(d) the 8 unit Diploma of Financial Advising offered by the Financial Services Institute of Australasia (formerly Securities Institute Australia); or
(e) the 8 unit Diploma of Financial Markets offered by the Financial Services Institute of Australasia (formerly Securities Institute Australia).

approved bridging unit means a unit of study identified in Schedule 2 as:

(a) a Financial Advice Regulatory & Legal Obligations bridging unit; or
(b) an Ethics for Professional Advisers bridging unit; or
(c) a Behavioural Finance: Client and Consumer Behaviour, Engagement and Decision-Making bridging unit.

approved unit of study means a unit of study listed in column 4 of the table in Schedule 1 in respect of a particular degree or qualification.

AQF means Australian Qualifications Framework, 2nd edition (January 2013) published by the Australian Qualifications Framework Council.

Note: On the day the Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination 2020 was registered, this publication was available at https://www.aqf.edu.au/.

AQF criteria, for a specified AQF level, means the criteria for the AQF level specified in AQF.

AQF level means a level identified as such in AQF.

completed approved study to attain a professional designation—see subsections (2) and (3).

designated area of study means each of the following:

(a) financial planning (including financial advice in the areas of superannuation, retirement, insurance or estate planning);
(b) investments (for example, shares, derivatives, foreign exchange, options);
(c) finance;
(d) finance law;
(e) business law or commercial law (if the relevant course is approved by the Tax Practitioners Board);
(f) taxation and tax law (if the relevant course is approved by the Tax Practitioners Board);
(g) accounting;
(h) estate law;
(i) banking;
(j) economics.

higher education provider has the meaning given in the Tertiary Education Quality and Standards Agency Act 2011.

post-graduate relevant degree means a qualification that:

(a) is awarded by a higher education provider; and
(b) is a graduate diploma or Masters degree; and
(c) satisfies the AQF criteria for AQF level 8 or higher; and
(d) includes at least 6 units of study in designated areas of study.

relevant degree means a qualification that:

(a) is awarded by a higher education provider; and
(b) satisfies the AQF criteria for AQF level 7 or higher; and
(c) includes at least 8 units of study in designated areas of study.

Completing approved study to attain a professional designation (1 credit) (2) For this Part, an existing provider has completed approved study to attain a professional designation, recognised as equivalent to AQF level 7 or higher, which is worth 1 credit, if he or she has: (a) completed, during or after 1972, the Chartered Accountant Program offered by the Chartered Accountants Australia and New Zealand (CA); or (b) completed, during or after 1989, the Certified Practicing Accountants Program offered by the Certified Public Accountants of Australia Pty Ltd (CPA); or (c) completed, during or after 2005, SMSF Specialist Advisor Program offered by the SMSF Association Ltd (SMSF); or (d) completed the Chartered Financial Analyst Program offered by the CFA Institute (CFA); or (e) completed, during or after 2001, the Certified Investment Management Analyst Program offered by Portfolio Constructions Forum Pty Ltd (CIMA). (f) completed the SAFAA Professional Diploma in Stockbroking offered by the Stockbrokers and Financial Advisers Association (SAFAA); or (g) commenced, during or after 2009 and before December 2013, the Fellow Chartered Financial Practitioner (offered by Mentor Education) (FChFP -ME) offered by the Association of Financial Advisers Ltd; or (h) commenced, during or after 2009 and before December 2013, the Chartered Life Practitioner (offered by Mentor Education) (ChLP-ME) offered by the Association of Financial Advisers Ltd; or (i) completed, during or after 2009 and before December 2018 the Life Risk Specialist (LRS), offered by the Financial Planning Association of Australia Limited; or (j) completed, during or after 2010 and before December 2013 the Accredited Estate Planning strategists (AEPS) offered by the Financial Planning Association of Australia Limited; or (k) completed, during or after 1985 to December 1988, the Certified Practicing Accountants Associate Designation Program, offered by the CPA Australia Ltd (CPA-AD). (d) completed, after 2013, all the following units of study as part of the Chartered Life Practitioner course offered by Association of Financial Advisers Ltd: (i) AFA 1—Business Strategy for Financial Advisers; (ii) AFA 2—Client Experience Strategy; (iii) AFA 3—Advanced Risk Solutions; (iv) AFA 4—Professional Conduct & Governance for Financial Advisers;