Australia: Regulatory Waivers

The Regulator

The Australian Securities and Investments Commission (ASIC) is an independent Commonwealth Government body. ASIC is Australia's corporate, markets, and financial services regulator.

Requirements to Practice

In order to provide financial product advice to retail clients, advisers (Australian financial service (AFS) licensees) must maintain competence and be adequately trained; Regulator Guide 146 (Licensing: Training financial product advisers) sets out the minimum training standards.

Benchmark and Waiver

The Australia Securities and Investment Commission (ASIC) has ranked the RG 146 Gap Training program for CFA charterholders and CFA Program candidates at Tier 1.

Minimum training standards can be met by passing the CFA Level I exam,  combined with the RG 146 Gap Training Program for CFA Charterholders and Candidates (Personal Advice). Passing both exams also satisfies the mandatory Skills requirements for Personal Advice.

Additional Recognition

Under the Trans-Tasman agreement, Australia and New Zealand have agreed to mutually recognize each other’s professional investment credentials. Thus, a New Zealand CFA Charterholder who has relied on his/her waiver from Unit Standards Sets A, C, & D under The Code of Professional Conduct to qualify as an Authorized Financial Adviser (AFA) may now also practice in Australia.