Federal Register of Legislation - Australian Government

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ASIC Class Order [CO 03/705]

Authoritative Version
CO 03/705 Orders/ASIC Class Orders as made
This Class Order clarifies that licensees will not generally need an additional licence authorisation to give basic advice on, or arrange for their clients to use, most non-cash payment facilities.
Administered by: Treasury
General Comments: This instrument was published in the Australian Securities and Investments Commission Gazette on 19 August 2003.
Registered 28 Mar 2007
Gazetted 19 Aug 2003
Date of repeal 23 Mar 2016
Repealed by ASIC Corporations (Repeal) Instrument 2016/212

Australian Securities and Investments Commission
Corporations Act 2001 – Paragraph 911A(2)(l) – Exemption

1.         The Australian Securities and Investments Commission grants this exemption under paragraph 911A(2)(l) of the Corporations Act 2001 (the Act).

2.         Subject to paragraph 3, a financial services licensee (licensee) is exempt from the requirement to hold an Australian financial services licence (licence) for the provision of a financial service in the ordinary course of their business that consists of either or both of the following:

(a)        advising a person (person 1) in relation to an eligible non-cash payments facility that person 1 may use, or has used, to pay another person (person 2) for goods or services (including financial products or financial services);

(b)        arranging for person 1 to deal in an eligible non-cash payments facility that person 1 may use [Yes.  The language in (a) and (b) tracks the language to pay person 2 for goods or services (including financial products or financial services).

3.         This exemption does not apply to a licensee:

(a)        who is an issuer of a non-cash payments facility; or

(b)        whose licence authorises the provision of a financial service referred to in paragraph 2.

Commencement

4.         This instrument takes effect on gazettal.

Interpretation

5.         In this instrument:

eligible non-cash payments facility means a non-cash payments facility issued by:

(a)        a non-cash payments facility issued by an Australian ADI; or

(b)        a non-cash payments facility that:

(i)         is issued by a person in respect of whom there is in force an authority under section 23 of the Payment Systems (Regulation) Act 1998 to be the holder of the stored value of a class of purchased payment facilities; and

(ii)        is a purchased payment facility of that class; or

(c)        a non-cash payments facility that:

(i)         is issued by a participant in a designated payment system within the meaning of section 7 of the Payment Systems (Regulation) Act 1998;

(ii)        relates to that system; and

non-cash payments facility means a facility through which, or through the acquisition of which, a person makes non-cash payments within the meaning of section 763D of the Act.

 

Dated this 13th day of August 2003

 

 

Signed by Brendan Byrne
as a delegate of the Australian Securities and Investments Commission