Australian Securities and Investments Commission
Corporations Act 2001 — Paragraphs 911A(2)(l), 992C(1)(a) and 1020F(1)(a) — Exemption
Under paragraphs 911A(2)(l), 992B(1)(a) and 1020F(1)(a) of the Corporations Act 2001 (the Act) the Australian Securities and Investments Commission exempts:
- a person who is or proposes to be the purchaser of debt obligations under the terms of a factoring arrangement, on the conditions set out in the Schedule and for as long as the conditions are met; and
2. a person who provides a financial service in relation to a factoring arrangement, other than a person referred to in paragraph 1;
from:
3. the requirement to hold an Australian financial services licence for dealing in and giving financial product advice in relation to the factoring arrangement; and
4. section 992A of the Act in relation to the making of an offer to issue the factoring arrangement; and
5. Part 7.9 of the Act in relation to a recommendation to acquire, or an offer or issue of, or making an offer to arrange the issue of, the factoring arrangement.
Schedule
The person must:
- ensure that the terms and conditions of the factoring arrangement are given in writing to each retail client to whom the factoring arrangement is issued before the arrangement is issued; and
2. establish and maintain an internal dispute resolution system that complies with the Australian Standard on Complaints Handling AS4269-1995 that covers complaints made by retail clients against the person in connection with a factoring arrangement.
Interpretation
In this instrument:
factoring arrangement means an arrangement (within the meaning of section 761A of the Act) under which a person acquires debt obligations, such as receivables, at a discount;
financial product advice has the meaning given by section 766B of the Act; and
retail client has the meaning given by section 761G of the Act.
Commencement
This instrument takes effect on gazettal.
Dated this 6th day of March 2004
Signed by Brendan Byrne
as a delegate of the Australian Securities and Investments Commission