Australian Securities and Investments Commission Class Order [Co 03/705] (Cth)

Australian Securities and Investments Commission

Corporations Act 2001 – Paragraph 911A(2)(l) – Exemption

1. The Australian Securities and Investments Commission grants this exemption under paragraph 911A(2)(l) of the Corporations Act 2001 (the Act).

2.         Subject to paragraph 3, a financial services licensee (licensee) is exempt from the requirement to hold an Australian financial services licence (licence) for the provision of a financial service in the ordinary course of their business that consists of either or both of the following:

(a)        advising a person (person 1) in relation to an eligible non-cash payments facility that person 1 may use, or has used, to pay another person (person 2) for goods or services (including financial products or financial services);

(b)        arranging for person 1 to deal in an eligible non-cash payments facility that person 1 may use to pay person 2 for goods or services (including financial products or financial services).

3.         This exemption does not apply to a licensee:

(a)        who is an issuer of a non-cash payments facility; or

(b)        whose licence authorises the provision of a financial service referred to in paragraph 2.

Commencement

4.         This instrument takes effect on gazettal.

Interpretation

5.         In this instrument:

eligible non-cash payments facility means:

(a)        a non-cash payments facility issued by an Australian ADI; or

(b)        a non-cash payments facility that:

(i)         is issued by a person in respect of whom there is in force an authority under section 23 of the Payment Systems (Regulation) Act 1998 to be the holder of the stored value of a class of purchased payment facilities; and

(ii)        is a purchased payment facility of that class; or

(c)        a non-cash payments facility that:

(i)         is issued by a participant in a designated payment system within the meaning of section 7 of the Payment Systems (Regulation) Act 1998;

(ii)        relates to that system; and

non-cash payments facility means a facility through which, or through the acquisition of which, a person makes non-cash payments within the meaning of section 763D of the Act.

Dated this 13th day of August 2003

Signed by Brendan Byrne

as a delegate of the Australian Securities and Investments Commission