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

Date    16 October 2020

Contents

Part 1—Preliminary  3

1    Name of legislative instrument 3

2    Commencement 3

3    Authority. 3

4    Schedule. 3

Schedule 1—Amendments  4

ASIC Credit (Deferral of Mortgage Broker Obligations) Instrument 2020/487. 4

Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Credit (Amendment) Instrument 2020/963.

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 163(3) of the National Consumer Credit Protection Act 2009.

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—Amendments

ASIC Credit (Deferral of Mortgage Broker Obligations) Instrument 2020/487

1        Subsection 6(1)

Omit the subsection, substitute:

(1)     The classes of persons specified for the purposes of this section are exempt from all provisions of Division 4 of Part 3-5A of the Act in relation to a benefit given in relation to the provision of a credit service before 1 January 2021, irrespective of whether the benefit is given before, on or after 1 January 2021.