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ASIC Corporations (Amendment No. 1) Instrument 2015

Authoritative Version
  • - F2015L00350
  • No longer in force
Other as made
This instrument amends the ASIC Class Order [CO 14/1262] to clarify that the modified definition applies to section 922C of the Corporations Act 2001 (definition for the basic banking product).
Administered by: Treasury
Registered 27 Mar 2015
Tabling HistoryDate
Tabled Senate11-May-2015
Tabled HR12-May-2015
Date of repeal 29 Mar 2015
Repealed by Division 1 of Part 5A of the Legislative Instruments Act 2003

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ASIC Corporations (Amendment No. 1) Instrument 2015

ASIC Legislative Instrument No. 238, 2015

I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

 

Date                24 March 2015

 

Grant Moodie

 


Contents

Part 1—Preliminary                                                                                                     3

1    Name of legislative instrument........................................................................ 3

2    Commencement............................................................................................... 3

3    Authority......................................................................................................... 3

4    Schedule.......................................................................................................... 3

Schedule 1—Amendment                                                                                             4

ASIC Class Order [CO 14/1262]......................................................................... 4

 


Part 1—Preliminary

1        Name of legislative instrument

This instrument is ASIC Corporations (Amendment No. 1) Instrument 2015.

2        Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislative Instruments.

Note:    The register may be accessed at http://www.comlaw.gov.au.

3        Authority

This instrument is made under subsection 926A(2) of the Corporations Act 2001.

4        Schedule

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned.


Schedule 1—Amendment

ASIC Class Order [CO 14/1262]

1        After paragraph 4

Insert:

4A.    Part 7.6 (other than Divisions 4 and 8) of the Act applies to all persons as if the definition of basic banking product in section 922C of the Act were omitted and substituted with the following definition:

basic banking product means:

(a)     a basic deposit product;

(b)     a facility for making non-cash payments (see section 763D) that is related to a basic deposit product;

(c)     an FHSA product of a kind mentioned in subparagraph (c)(i) of the meaning of FHSA in section 8 of the First Home Saver Accounts Act 2008 (first home saver accounts);

(d)     a facility for providing traveller’s cheques;

(e)     any other product prescribed by regulations for the purposes of this paragraph.”.

Note:   Section 922C of the Act is notionally inserted by regulation 7.6.02AI of the Corporations Regulations 2001.