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

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Legislation au F2025N00668 In force Notifiable Instrument

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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

 

 

 

Nathan Bourne

 

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.

 

 

Overview

The ASIC Corporations (Design and Distribution Obligations—GC Finance Loan Facility) Instrument 2025/46, enacted by Nathan Bourne as a delegate of the Australian Securities and Investments Commission (ASIC), aims to address a specific regulatory gap concerning the design and distribution obligations of the GC Finance loan facility. This notifiable instrument provides an exemption from certain sections of the Corporations Act 2001, specifically Part 7.8A, for GC Finance, a subsidiary of GenesisCare, under strict conditions. The policy objective is to streamline financial services for eligible consumers by allowing them to defer treatment fees until they claim applicable Medicare benefits, provided no credit or interest charges are involved, and the primary purpose of the loan facility remains ancillary to the main business operations of GenesisCare service providers. This exemption is designed to ensure that the loan facility is used appropriately and responsibly, with clear communication and disclosure requirements to protect consumers.

Scope and Application

The ASIC Corporations (Design and Distribution Obligations—GC Finance Loan Facility) Instrument 2025/46 applies to GC Finance, a subsidiary of Genesis Care Finance Pty Limited, and specifically to its loan facilities provided for eligible consumers who are private patients of GenesisCare service providers, eligible for Medicare benefits, and registered for the Medicare Safety Nets. This notifiable instrument exempts GC Finance from Part 7.8A of the Corporations Act 2001 concerning the GC Finance loan facility under specific conditions, including that no credit fees or interest charges are payable by the consumer, the treatment fees are not adjusted based on the decision to enter into the loan facility, and the facility is incidental to the primary business of providing radiation or theranostics oncology services. The exemption extends across Commonwealth jurisdictions in Australia and is contingent upon GC Finance meeting several conditions, such as ensuring the facility is only offered to eligible consumers, providing them with information on payment options, and detailing terms and conditions on their website and to consumers.

Key Provisions

The ASIC Corporations (Design and Distribution Obligations—GC Finance Loan Facility) Instrument 2025/46 primarily focuses on exempting GC Finance from specific obligations under the Corporations Act 2001 (sections 5 and 6). This exemption pertains to the provision of a credit facility, termed the GC Finance loan facility, to eligible consumers. This facility allows GC Finance to pay treatment fees for eligible consumers, who are private patients of GenesisCare service providers, thereby deferring the treatment fee until applicable Medicare benefits are claimed. The exemption applies under specific conditions, such as the absence of credit or interest charges, the independence of treatment fees from the loan facility, and the primary purpose of the facility being to assist eligible consumers with deferring treatment fees (section 5). GC Finance, as a related body corporate of GenesisCare Holdings, must adhere to several obligations to rely on this exemption (section 6). These obligations include ensuring that only eligible consumers are offered the GC Finance loan facility, informing consumers that participation in the facility is voluntary, discussing payment options with consumers before offering the loan facility, and providing clear and comprehensive information about the facility. This includes making the general terms and conditions of the facility available on their website, providing each consumer with an indicative payment schedule detailing treatment fees, estimated Medicare benefits, and expected repayments, and updating this schedule whenever there are changes to the treatment course. Failure to comply with the obligations set out in the Instrument may result in civil or criminal consequences for GC Finance. Although the specific penalties are not detailed in the text, breaches of the obligations may lead to enforcement actions by the Australian Securities and Investments Commission (ASIC). The penalties for such breaches can include fines, corrective notices, and in severe cases, criminal charges. The exact penalties would be determined based on the nature and severity of the breach, in accordance with the Corporations Act 2001 and other relevant legislation.

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.