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 [Yes. The language in (a) and (b) tracks the language 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 non-cash payments facility issued by:
(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