Australian Securities and Investments Commission Credit (Amendment) Instrument 2018/836 (Cth)

ASIC Credit (Amendment) Instrument 2018/836

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

Date    20 September 2018

Grant Moodie

Contents

Part 1—Preliminary

1    Name of legislative instrument

2    Commencement

3    Authority

4    Schedules

Schedule 1—Amendments

ASIC Corporations and Credit (Transition to AFCA) Instrument 2018/814

Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Credit (Amendment) Instrument 2018/836.

2        Commencement

This instrument commences on the later of:

(a)     the first moment in time immediately after the commencement of the ASIC Corporations and Credit (Transition to AFCA) Instrument 2018/814; and

(b)     the day it is registered on the Federal Register of Legislation.

Note:    The register may be accessed at Authority

This instrument is made under subsection 109(3) of the National Consumer Credit Protection Act 2009.

4        Schedules

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

Schedule 1—Amendments

ASIC Corporations and Credit (Transition to AFCA) Instrument 2018/814

1        Part 2

After section 8 insert:

8A     Credit representative authorisations—AFCA membership

The provisions to which Part 2-6 of the NCCP Act applies apply in relation to licensees and credit representatives as if, after section 65, the following section was inserted:

“65A Transitioning to AFCA membership

(1)     This section applies in relation to an authorisation given to a credit representative who:

(a)     as at 21 September 2018—is not a member of the AFCA scheme; and

(b)     between 21 September 2018 to 31 October 2018—is a member of an approved external dispute resolution scheme.

(2)     Paragraphs 64(5)(c) and 65(6)(c) do not apply to the authorisation.”.

2        Section 9

(a)     before “The” insert “(1)”;

(b)     at the end insert on a new line:

(2)     The declaration made by section 8A of this instrument ceases to have effect on 1 November 2018.