ASIC Class Order [CO 10/907]

ASIC Class Order [CO 10/907]

Exempted special purpose funding entities – deferral of start date for EDR scheme membership

This instrument has effect under s41(3)(d) of Schedule 2 to the National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 and s109(3)(d) of the National Consumer Credit Protection Act 2009.

This compilation was prepared on 16 December 2010 taking into account amendments up to [CO 10/1225]. See the table at the end of this class order.

Prepared by the Australian Securities and Investments Commission.

Australian Securities and Investments Commission

National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 — Paragraph 41(3)(d) of Schedule 2 — Declaration

National Consumer Credit Protection Act 2009 — Paragraph 109(3)(d) —   Declaration

Enabling provision

1. The Australian Securities and Investments Commission (ASIC) makes this instrument under:

(a) paragraph 41(3)(d) of Schedule 2 to the National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 (the Transitional Credit Act); and

(b) paragraph 109(3)(d) of the National Consumer Credit Protection Act 2009 (the Credit Act).

Title

2. This instrument is ASIC Class Order [CO 10/907].

Commencement

3. This instrument commences on the day it is registered under the Legislative Instruments Act 2003.

Note: An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instruments Act 2003, s 4 (definition of register).  The FRLI may be accessed at http://www.frli.gov.au/.

Declaration

4. ASIC declares that the provisions to which Part 5 of Schedule 2 to the Transitional Credit Act applies apply in relation to all persons as if Part 4 of the National Consumer Credit Protection (Transitional and Consequential Provisions) Regulations 2010 were modified or varied as follows:

(a) in paragraph 14B(1)(c) before “it”, insert “on and after 1 April 2011,”;

(b) in paragraph 14C(1)(c) omit “1 October 2010,”, substitute “1 April 2011,”.

5. ASIC declares that the provisions to which Part 2-6 of the Credit Act applies apply in relation to all persons as if Part 2-4 of the National Consumer Credit Protection Regulations 2010 were modified or varied by, in paragraph 23C(1)(c), omitting “on and after 1 October 2010,”.

Notes to ASIC Class Order [CO 10/907]

Note 1

ASIC Class Order [CO 10/907] (in force under s41(3)(d) of Schedule 2 to the National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 and s109(3)(d) of the National Consumer Credit Protection Act 2009) as shown in this compilation comprises that Class Order amended as indicated in the tables below.

Table of Instruments

Table of Amendments

ad. = added or inserted     am. = amended     rep. = repealed     rs. = repealed and substituted