Federal Register of Legislation - Australian Government

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ASIC Class Order [CO 13/18]

Authoritative Version
  • - F2013L00043
  • In force - Superseded Version
  • View Series
CO 13/18 Orders/ASIC Class Orders as made
This class order will enable the temporary operation of a litigation funding arrangement and a proof of debt funding arrangement without compliance with the requirements of the Credit Act and Code until 12 July 2013.
Administered by: Treasury
General Comments: This instrument has effect until 12 July 2013.
Registered 11 Jan 2013
Tabling HistoryDate
Tabled HR05-Feb-2013
Tabled Senate05-Feb-2013

Australian Securities and Investments Commission
National Credit Code – Subsection 6(17) – Exclusion

 

Enabling legislation

1.       The Australian Securities and Investments Commission (ASIC) makes this instrument under subsection 6(17) of the National Credit Code (the Code).

 

Note: The Code is found in Schedule 1 to the National Consumer Credit Protection Act 2009.

 

Title

2.       This instrument is ASIC Class Order [CO 13/18].

 

Commencement

3.       This instrument commences on the day it is registered under the Legislative Instruments Act 2003.

 

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/.

 

Exclusion

 

4.       ASIC excludes from the application of the Code a provision of credit constituted by:

 

(a)     an arrangement (a litigation funding arrangement) for participating in, conducting and funding legal proceedings brought by or on behalf of a person or persons; or

 

(b)     an arrangement (a proof of debt funding arrangement) for proving claims made by a person or persons under Division 6 of Part 5.6 of the Corporations Act 2001 (including funding of the preparation and lodgment of the proofs).

 

5.    This instrument has effect until 12 July 2013.

 

 

 

Dated this 9th day of January 2013

 

 

 

 

Signed by Grant Moodie

as a delegate of the Australian Securities and Investments Commission