Federal Register of Legislation - Australian Government

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ASIC Corporations (Amendment) Instrument 2017/243

Authoritative Version
  • - F2017L00224
  • No longer in force
Other as made
This instrument ensures that 31 day notice term deposits continue to fall within the definition of "basic deposit products" for the purposes of the Financial Adviser Register.
Administered by: Treasury
Registered 15 Mar 2017
Tabling HistoryDate
Tabled HR20-Mar-2017
Tabled Senate20-Mar-2017
Date of repeal 16 Mar 2017
Repealed by Division 1 of Part 3 of Chapter 3 of the Legislation Act 2003
Table of contents.

Commonwealth Coat of Arms and ASIC logo

ASIC Corporations (Amendment) Instrument 2017/243

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

 

Date                14 March 2017

 

 

 

Grant Moodie

 



Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations (Amendment) Instrument 2017/243.

2        Commencement

This instrument commences on the later of:

(a)     the day it is registered on the Federal Register of Legislation; and

(b)     the commencement of the Corporations Amendment (Professional Standards of Financial Advisers) Act 2017.

Note:    The register may be accessed at www.legislation.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 the Schedule to this instrument is amended as set out in the applicable items in the Schedule.


Schedule 1—Amendment

ASIC Class Order [CO 14/1262]

1        Paragraph 4A

Repeal the paragraph (including the note), substitute:

4A.   Part 7.6 (other than Divisions 4 and 8) of the Act applies to all persons who provide financial services as if the definition of basic banking product in section 910A of the Act were omitted and substituted with the following definition:

basic banking product means any of the following:

(a)     a basic deposit product;

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

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

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