rg146 - REGULATORY GUIDE 146 Licensing Training of...

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Unformatted text preview: REGULATORY GUIDE 146 Licensing: Training of financial product advisers December 2009 About this guide This is a guide for: advisers (i.e. Australian financial services (AFS) licensees and representatives who provide financial product advice to retail clients); and providers of training and education for advisers. This guide sets out minimum training standards that apply to advisers and how advisers can meet these training standards. REGULATORY GUIDE 146: Licensing: Training of financial product advisers © Australian Securities and Investments Commission December 2009 Page 2 About ASIC regulatory documents In administering legislation ASIC issues the following types of regulatory documents. Consultation papers : seek feedback from stakeholders on matters ASIC is considering, such as proposed relief or proposed regulatory guidance. Regulatory guides : give guidance to regulated entities by: explaining when and how ASIC will exercise specific powers under legislation (primarily the Corporations Act) explaining how ASIC interprets the law describing the principles underlying ASIC’s approach giving practical guidance (e.g. describing the steps of a process such as applying for a licence or giving practical examples of how regulated entities may decide to meet their obligations). Information sheets : provide concise guidance on a specific process or compliance issue or an overview of detailed guidance. Reports : describe ASIC compliance or relief activity or the results of a research project. Document history This version was issued on 7 December 2009 and is based on legislation and regulations as at 7 December 2009. Previous versions: Superseded Regulatory Guide 146, issued 22 November 2007, reissued 20 August 2008 Superseded Policy Statement 146, issued 28 November 2001, updated 22 January 2003 and 31 August 2005, rebadged as a regulatory guide 5 July 2007 Superseded Interim Policy Statement 146, issued 6 September 1999, updated 4 October 2000 Disclaimer This guide does not constitute legal advice. We encourage you to seek your own professional advice to find out how the Corporations Act and other applicable laws apply to you, as it is your responsibility to determine your obligations. Examples in this guide are purely for illustration; they are not exhaustive and are not intended to impose or imply particular rules or requirements. REGULATORY GUIDE 146: Licensing: Training of financial product advisers © Australian Securities and Investments Commission December 2009 Page 3 Contents A Overview ................................................................................................. 4 Our approach to the training of advisers ................................................. 4 Who must meet the training standards? .................................................. 5 What are the training standards? ............................................................ 5 How do advisers meet the training standards? ....................................... 5How do advisers meet the training standards?...
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rg146 - REGULATORY GUIDE 146 Licensing Training of...

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