ASIC Corporations (Design and Distribution Obligations—GC Finance Loan Facility) Instrument 2025/46

ASIC Corporations (Design and Distribution Obligations—GC Finance Loan Facility) Instrument 2025/46

I, Nathan Bourne, delegate of the Australian Securities and Investments Commission, make the following notifiable instrument.

Date 12 August 2025

Contents

Part 1—Preliminary 3

1 Name of notifiable instrument....................................3

2 Commencement...............................................3

3 Authority....................................................3

4 Definitions...................................................3

Part 2—Exemption 5

5 Exemption from Part 7.8A.......................................5

6 Conditions...................................................5

Part 1—Preliminary

1 Name of notifiable instrument

This is the ASIC Corporations (Design and Distribution Obligations—GC Finance Loan Facility) Instrument 2025/46.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note: The register may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under paragraph 994L(1)(a) of the Corporations Act 2001.

4 Definitions

In this instrument:

Act means the Corporations Act 2001.

consumer has the meaning given by section 5 of the National Consumer Credit Protection Act 2009.

credit facility has the same meaning as in regulation 2B of the Australian Securities and Investment Commission Regulations 2001.

credit fees and charges has the same meaning as in the National Credit Code, being Schedule 1 to the National Consumer Credit Protection Act 2009.

eligible consumer means a person who is:

(a)  a private patient of a GenesisCare service provider; and

(b)  eligible for medicare benefits; and

(c)  registered for the Medicare Safety Nets.

GC Finance means Genesis Care Finance Pty Limited ACN 137 193 125.

GC Finance loan facility means a credit facility:

1.           under which GC Finance provides credit to an eligible consumer by paying, on behalf of the consumer, the fees (treatment fees) for a course (treatment course) of radiation or theranostics oncology services provided to the eligible consumer by a GenesisCare service provider; and
2.           that is substantially in the form of the credit facility known as GenLend as published on the website www.genesiscare.com on 6 August 2025.

GenesisCare Holdings means GenesisCare Australia Holdings Pty Ltd ACN 674 439 359.

GenesisCare service provider means GenesisCare Holdings or a related body corporate.

medicare benefit means a medicare benefit under Part II of the Health Insurance Act 1973.

radiation or theranostics oncology services means any of the following:

(a) radiation oncology services;

(b) oncology services that use both diagnostic imaging and targeted therapy.

treatment course: see the definition of GC Finance loan facility. 

treatment fee: see the definition of GC Finance loan facility. 

Part 2—Exemption

5 Exemption from Part 7.8A

1.           GC Finance does not have to comply with Part 7.8A of the Act in relation to the GC Finance loan facility.

Where exemption applies

(2) The exemption in subsection (1) applies where all of the following are satisfied:

(a) no credit fees or charges and no interest charges are payable by an eligible consumer or any other person in relation to the GC Finance loan facility;

(b) the treatment fees charged to an eligible consumer by a GenesisCare service provider are not subject to any adjustments based on whether the eligible consumer decides to enter into the GC Finance loan facility;

(c) GC Finance is a related body corporate of GenesisCare Holdings.

(d)     the GC Finance loan facility only relates to radiation or theranostics oncology services for which an eligible consumer can claim a medicare benefit.             

(e)     the principal purpose of the GC Finance loan facility is to assist eligible consumers to defer the treatment fee until the applicable medicare benefits are claimed;

(f) GC Finance’s operation of the GC Finance loan facility is incidental to the primary business of the GenesisCare service providers in providing radiation or theranostics oncology services;

6 Conditions

In relying on the exemption in subsection 5(1), GC Finance must take reasonable steps to ensure the following:

(a)  GC Finance does not offer or provide a GC Finance loan facility to a person who is not an eligible consumer;

(b) GC Finance informs eligible consumers that participating in GC Finance loan facility is not mandatory;

(c) GC Finance discusses payment options with eligible consumers before offering eligible consumers the GC Finance loan facility as an alternative payment option;

(d) before entering into the GC Finance loan facility with an eligible consumer, GC Finance provides the eligible consumer with a copy of the general and specific terms and conditions of the facility;

(e) GC Finance makes available on its website the general terms and conditions of the GC Finance loan facility;

(f)  GC Finance provides each eligible consumer with an indicative payment schedule setting out:

(i) details of the treatment fees required to complete their treatment course, including the estimated medicare benefit and the expected net out of pocket amount for each treatment fee; and

(ii) the timing and amount of the estimated repayments; and

(g)     GC Finance provides each eligible consumer with an updated indicative payment schedule following any change in their treatment course.