Australian Securities and Investments Commission Corporations (Amendment) Instrument 2022/20 (Cth)

ASIC Corporations (Amendment) Instrument 2022/20

I, Rhys Bollen, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date    8 February 2022

Rhys Bollen

Contents

Part 1—Preliminary

1    Name of legislative instrument

2    Commencement

3    Authority

4    Schedules

Schedule 1—Amendments

ASIC Corporations (Financial Counselling Agencies) Instrument 2017/792

Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations (Amendment) Instrument 2022/20.

2        Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note:          The register may be accessed at Authority

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

4        Schedules

Each instrument that is specified in the Schedule to this instrument is amended as set out in the applicable items in the Schedule, and any other item in the Schedule has effect according to its terms.

Schedule 1—Amendments

ASIC Corporations (Financial Counselling Agencies) Instrument 2017/792

1        Section 4 (definition of financial counselling association)

Omit the definition, substitute:

financial counselling association means each of the following:

(a)     Financial Counselling Australia Ltd;

(b)     Financial Counselling Victoria Inc.;

(c)     Financial Counsellors Association of New South Wales Inc;

(d)     Financial Counsellors Association of Western Australia Inc;

(e)     Financial Counsellors Association of Queensland Inc.;

(f)     The South Australian Financial Counsellors’ Association Incorporated;

(g)     Financial Counselling Tasmania Inc.;

(h)     Financial Counsellors ACT.

2        Section 5

Omit subparagraph 5(2)(e)(i), substitute:

(i)      does not carry on or otherwise participate in a financial services business which involves the provision of a financial service, other than a financial service (exempt financial service) that is:

(A)    a financial service referred to in subsection (1) and in relation to which paragraphs (2)(a) to (d) are satisfied; or

(B)    a claims handling and settling service; and