From 16 August 2010

• The register opens under the FSP Act, and persons may register under that Act, but are not required to do so;
• applications for approval as an authorised financial adviser or for QFE status may be made, and decided on, under the FAA. However, no period of authorisation or grant of QFE status can commence before 1 December 2010;
• the disciplinary committee can be established under the FAA; and
• all interpretative and other provisions of the FAA relevant to this preliminary implementation stage come into force. However, no conduct obligations for financial advisers, brokers, QFEs, or members of QFE groups, come into force at this stage.

On and from 1 December 2010

• It becomes mandatory for providers of financial services (other than financial adviser services) to be registered under the FSP Act;
• the holding-out protections for the terms of authorised financial advisers and QFEs come into force (because periods of authorisation and periods of grants of QFE status may commence from this time); and
• most of the conduct obligations under the FAA for financial advisers, brokers, QFEs, and members of QFE groups, and the related enforcement provisions, come into force.

On and from 1 April 2011

• At this time, the FSP Act is fully in force;
• it becomes mandatory for financial advisers to be registered under the FSP Act;
• any person seeking to rely on a grant of QFE status to avoid the need to register its employees and nominated representatives must have that status granted by this date.

On 1 July 2011

• All remaining provisions of the FAA come into force. In particular:
• the restrictions on who is permitted to provide financial adviser services (sections 17 to 20 of the FAA) and the prohibition on holding out as a financial planner or investment planner (section 20B of the FAA) come into force; and
• the disclosure obligations for financial advisers and brokers replace those set out in the Securities Markets Act 1988 for investment advisers and brokers.