Australian Securities and Investments Commission Corporations (Amendment) Instrument 2017/243 (Cth)

ASIC Corporations (Amendment) Instrument 2017/243

I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date                14 March 2017

Grant Moodie

Contents

Part 1—Preliminary

1    Name of legislative instrument

2    Commencement

3    Authority

4    Schedules

Schedule 1—Amendment

ASIC Class Order [CO 14/1262]

Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations (Amendment) Instrument 2017/243.

2        Commencement

This instrument commences on the later of:

(a)     the day it is registered on the Federal Register of Legislation; and

(b)     the commencement of the Corporations Amendment (Professional Standards of Financial Advisers) Act 2017.

Note:    The register may be accessed at Authority

This instrument is made under subsection 926A(2) of the Corporations Act 2001.

4        Schedule

Each instrument that is specified in the Schedule to this instrument is amended as set out in the applicable items in the Schedule.

Schedule 1—Amendment

ASIC Class Order [CO 14/1262]

1        Paragraph 4A

Repeal the paragraph (including the note), substitute:

4A.   Part 7.6 (other than Divisions 4 and 8) of the Act applies to all persons who provide financial services as if the definition of basic banking product in section 910A of the Act were omitted and substituted with the following definition:

“basic banking product means any of the following:

(a)     a basic deposit product;

(b)     a facility for making non-cash payments (see section 763D) that is related to a basic deposit product;

(d)     a facility for providing traveller’s cheques;

(e)     any other product prescribed by regulations for the purposes of this paragraph.”.