Federal Register of Legislation - Australian Government

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Regulations as made
These regulations give effect to proposal 15 of the Australian Consumer Law Review which recommended changing the monetary threshold in the definition of ‘consumer’ for the purposes of the Australian Consumer Law, which is Schedule 2 to the Competition and Consumer Act 2010.
Administered by: Treasury
Exempt from sunsetting by the Legislation (Exemptions and Other Matters) Regulation 2015 s12 item 09B, Legislation (Exemptions and Other Matters) Regulation 2015 s12 item 16
Registered 13 Jul 2020
Table of contents.

Commonwealth Coat of Arms of Australia

 

Treasury Laws Amendment (Acquisition as Consumer—Financial Thresholds) Regulations 2020

I, General the Honourable David Hurley AC DSC (Retd), Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations.

Dated 09 July 2020

David Hurley

Governor‑General

By His Excellency’s Command

Michael Sukkar

Minister for Housing and Assistant Treasurer

 

  

  

 


Contents

1............ Name............................................................................................................................. 1

2............ Commencement............................................................................................................. 1

3............ Authority....................................................................................................................... 1

4............ Schedules...................................................................................................................... 1

Schedule 1—Amendments                                                                                                                          2

Australian Securities and Investments Commission Regulations 2001                                      2

Competition and Consumer Regulations 2010                                                                                2

 


1  Name

                   This instrument is the Treasury Laws Amendment (Acquisition as Consumer—Financial Thresholds) Regulations 2020.

2  Commencement

             (1)  Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this instrument

The later of:

(a) the day after this instrument is registered; and

(b) 1 July 2021.

1 July 2021 (paragraph (b) applies)

Note:          This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

             (2)  Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

                   This instrument is made under the following:

                     (a)  the Australian Securities and Investments Commission Act 2001;

                     (b)  the Competition and Consumer Act 2010.

4  Schedules

                   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, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1Amendments

  

Australian Securities and Investments Commission Regulations 2001

1  After regulation 2D

Insert:

2DA  Prescribed amount—acquiring financial services as a consumer

                   For the purposes of paragraph 12BC(3)(a) of the Act, the amount of $100,000 is prescribed.

2  After Part 5

Insert:

Part 6Application and transitional provisions

Division 1Application of amendments made by the Treasury Laws Amendment (Acquisition as Consumer—Financial Thresholds) Regulations 2020

48  Application—prescribed amount for acquiring financial services as a consumer

The amendment made by item 1 of Schedule 1 to the Treasury Laws Amendment (Acquisition as Consumer—Financial Thresholds) Regulations 2020 applies in relation to financial services acquired on or after the commencement of those regulations.

Competition and Consumer Regulations 2010

3  Before regulation 77

Insert:

77A  Prescribed amount—acquiring goods or services as a consumer

                   For the purposes of paragraph 3(1)(a) of the Australian Consumer Law, the amount of $100,000 is prescribed.

4  In the appropriate position in Part 8

Insert:

Division 3Application of amendments made by the Treasury Laws Amendment (Acquisition as Consumer—Financial Thresholds) Regulations 2020

100  Application—prescribed amounts for acquiring goods or services as consumer

                   The amendment made by item 3 of Schedule 1 to the Treasury Laws Amendment (Acquisition as Consumer—Financial Thresholds) Regulations 2020 applies in relation to goods or services acquired on or after the commencement of those regulations.