Australian Securities and Investments Commission Credit (Breach Reporting—Prescribed Commonwealth Legislation) Instrument 2021/801 (Cth)

ASIC Credit (Breach Reporting—Prescribed Commonwealth Legislation) Instrument 2021/801

I, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date    28 September 2021

Anthony Graham

Contents

Part 1—Preliminary

1    Name of legislative instrument

2    Commencement

3    Repeal

4    Authority

5    Definitions

Part 2—Declaration

6    Core Obligations

Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Credit (Breach Reporting—Prescribed Commonwealth Legislation) Instrument 2021/801.

2        Commencement

This instrument commences on the later of:

(a)     1 October 2021; and

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

Note:    The register may be accessed at Repeal

This instrument is repealed on 1 October 2024.

4        Authority

This instrument is made under subsection 109(3) of the National Consumer Credit Protection Act2009.

5        Definitions

In this instrument:

Australian credit licence has the same meaning as in section 5 of the Credit Act.

Credit Act means the National Consumer Credit Protection Act 2009.

credit licensee means a person who holds an Australian credit licence.

Part 2—Declaration

6        Core Obligations

The provisions to which Part 2-6 of the Credit Act applies apply in relation to credit licensees as if subsection 50A were modified or varied by omitting paragraph 50A(3)(c) and substituting:

“(c)   the obligation under paragraph 47(1)(d), so far as it relates to Commonwealth legislation that is:

(i)    covered by paragraph (d) of the definition of credit legislation; and

(ii)   one of the following:

        (A)       Banking Act 1959;

(B)       Corporations Act 2001;

(C)       Financial Sector (Collection of Data) Act 2001;

(D)       Financial Sector (Shareholdings) Act 1998;

(E)       Financial Sector (Transfer and Restructure) Act 1999.”.