Federal Register of Legislation - Australian Government

Primary content

ASIC Class Order [CO 05/740]

Authoritative Version
CO 05/470 Orders/ASIC Class Orders as made
Class Order [CO 05/740] grants unconditional relief to persons providing financial services in relation to prepaid mobile facilities. This means that the licensing, conduct and disclosure obligations (as well as the hawking prohibition) in Chapter 7 of the Corporations Act will not apply.
Administered by: Treasury
General Comments: This instrument was gazetted in the Australian Securities and Investments Commission Gazette on 15 November 2005.
Registered 21 Nov 2005
Tabling HistoryDate
Tabled HR28-Nov-2005
Tabled Senate28-Nov-2005
Date of repeal 23 Mar 2016
Repealed by ASIC Corporations (Repeal) Instrument 2016/212

Australian Securities and Investments Commission
Corporations Act 2001 — Paragraphs 911A(2)(l), 926A(2)(a), 951B(1)(a), 992B(1)(a) and 1020F(1)(a) — Exemptions

 

Enabling legislation

1.         The Australian Securities and Investments Commission grants the exemptions set out in:

(a)        paragraph 4(a) under paragraphs 911A(2)(l), 992B(1)(a) and 1020F(1)(a) of the Corporations Act 2001 (the Act);

(b)        paragraph 4(b) under paragraphs 926A(2)(a), 951B(1)(a) and 992B(1)(a) of the Act; and

(c)        paragraph 4(c) under paragraph 951B(1)(a) of the Act.

Title

2.         This instrument is ASIC Class Order [CO 05/740].

Commencement

3.         This instrument commences on the later of:

(a)        the date it is registered under the Legislative Instruments Act 2003; and

(b)        the date of its gazettal.

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/.

 

Exemptions for providers of prepaid mobile phone payment facilities

4.       A person who provides financial services in relation to a prepaid mobile facility does not have to comply with:

(a)     subsection 911A(l), section 992A and Part 7.9 of the Act in relation to those financial services; and

(b)     where the person is a financial services licensee—Part 7.6 (other than subsection 911A(l) and Divisions 4 and 8), Divisions 2, 3 and 4 of Part 7.7 and Divisions 2, 3, 5 and 6 of Part 7.8 of the Act in relation to those financial services; and

(c)     where the person is an authorised representative of a financial services licensee—Divisions 2, 3 and 4 of Part 7.7 of the Act in relation to those financial services.

 

Interpretation

5.       In this instrument:

 

authorised representative has the meaning given by section 761A of the Act.

 

facility has a meaning affected by section 762C of the Act.

 

makes non-cash payments has the meaning given by section 763D of the Act.

 

prepaid mobile facility means a facility through which, or through the acquisition of which, a person may make non-cash payments and in relation to which the following are satisfied:

 

(a)          the facility is a part of an arrangement for the supply of a public mobile telecommunication service under which the service may be used to the extent it is covered by the amount (the prepaid amount) paid in advance which remains unused under the arrangement;

 

(b)          the non-cash payments made under the facility are debited against the prepaid amount; and

 

(a)                      the facility is not a component of another financial product.

 

public mobile telecommunications service has the meaning set out in section 32 of the Telecommunications Act 1997.

 

 

Dated this 14th day of November 2005
Signed by Brendan Byrne

as a delegate of the Australian Securities and Investments Commission