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ASIC Credit (Charities) Instrument 2017/64

Authoritative Version
Other as made
This instrument modifies the National Consumer Credit Protection Regulations 2010 (Regulations) to remove references to terminology that was used in [CO 02/184]. The instrument replaces those references with terminology used in the Charities Act 2013, which is also used in Instrument 2016/813 (which replaced [CO 02/184]). This clarifies that the exemption in the Regulations continues to operate as intended and remains sufficiently clear for charities and consumers.
Administered by: Treasury
Registered 07 Feb 2017
Tabling HistoryDate
Tabled HR08-Feb-2017
Tabled Senate09-Feb-2017
Table of contents.
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ASIC Credit (Charities) Instrument 2017/64

I, Stephen Yen PSM, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date: 2 February 2017

 

 

 

Stephen Yen

 

Contents

Part 1—Preliminary  3

1    Name of legislative instrument 3

2    Commencement 3

3    Authority. 3

4    Definitions. 3

Part 2—Declaration  3

5    Persons exempt from holding a licence when engaging in credit activities for a charitable purpose  3

 

Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Credit (Charities) Instrument 2017/64.

2        Commencement

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

Note:    The register may be accessed at www.legislation.gov.au.

3        Authority

This instrument is made under paragraph 109(3)(d) of the National Consumer Credit Protection Act 2009. 

4        Definitions

In this instrument:

Act means the National Consumer Credit Protection Act 2009.

Regulations mean the National Consumer Credit Protection Regulations 2010.

Part 2—Declaration

5        Persons exempt from holding a licence when engaging in credit activities for a charitable purpose

The provisions to which Part 2-6 of the Act applies apply in relation to a person engaging in credit activities as if subparagraphs 20(12)(a)(i) and (ii) of the Regulations were each modified or varied by omitting “a charitable body (within the same meaning as in ASIC Class Order [CO 02/184])” and substituting “a charity (within the meaning of the Charities Act 2013) or a trustee of a charity”.