Federal Register of Legislation - Australian Government

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Other as made
This instrument provides relief to enable the temporary operation of a litigation funding arrangement, and a proof of debt funding arrangement, without compliance with the requirements of the National Consumer Credit Protection Act 2009 until 31 January 2023.
Administered by: Treasury
Registered 21 Jan 2020
Tabling HistoryDate
Tabled HR04-Feb-2020
Tabled Senate04-Feb-2020
Table of contents.

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ASIC Credit (Litigation Funding—Exclusion) Instrument 2020/37

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

 

Date    17 January 2020

 

 

 

 

 

Grant Moodie

 



Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Credit (Litigation Funding—Exclusion) Instrument 2020/37.

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 subsection 6(17) of the National Credit Code.

4        Definitions

In this instrument:

Code means the National Credit Code.

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


Part 2—Exclusion

5        Litigation funding and proof of debt funding arrangements

(1)     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).

(2)     Subsection (1) applies until 31 January 2023.