Federal Register of Legislation - Australian Government

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ASIC Class Order [CO 10/517]

Authoritative Version
CO 10/517 Orders/ASIC Class Orders as made
This Class Order approves standards and requirements for an internal dispute resolution procedure for unlicensed carried over instrument lenders.
Administered by: Treasury
Made 28 Jun 2010
Registered 01 Jul 2010
Tabled HR 28 Sep 2010
Tabled Senate 28 Sep 2010

Australian Securities and Investments Commission

National Consumer Credit Protection Act 2009 — Subparagraph 47(1)(e)(i) — Approval

Enabling legislation

1.      The Australian Securities and Investments Commission (ASIC) makes this instrument for the purposes of subparagraph 47(1)(e)(i) of the National Consumer Credit Protection Act 2009 (the Act) as notionally inserted by regulation 25E and Schedule 2 to the National Consumer Credit Protection Regulations 2010 (the Regulations).

Title

2.      This instrument is ASIC Class Order [CO 10/517].

Commencement

3.      This instrument commences on the later of:

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

(b)     1 July 2010.

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/.

 

Approval

 

4.      ASIC approves the following standards and requirements in relation to an internal dispute resolution procedure:

 

(a)        the procedure covers a “complaint” as defined in AS ISO 10002;

 

(b)        the “Guiding principles” in section 4 of AS ISO 10002;

 

(c)        the following sections of AS ISO 10002:

 

(i)      section 5.1—Commitment;

 

(ii)     section 6.4—Resources;

 

(iii)    section 8.1—Collection of Information;

 

(iv)    section 8.2—Analysis and evaluation of complaints;

 

(d)        if the unlicensed carried over instrument lender is a member of an approved external dispute resolution scheme—the procedure must include adequate measures for informing complainants about the availability and accessibility of the scheme.

 

 

Interpretation

 

In this instrument:

 

AS ISO 10002 means Australian Standard AS ISO 10002 known as Complaints Handling published by Standards Australia as in force as at 5 April 2006.

 

Note:   An unlicensed carried over instrument lender is defined in subsection 5(1) of the Act as notionally inserted by regulation 25E and Schedule 2 to the Regulations.

 

 

Dated this 28th day of June 2010

 

 

 

 

Signed by Stephen Yen PSM

as a delegate of the Australian Securities and Investments Commission