Federal Register of Legislation - Australian Government

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Other as made
This instrument provides temporary relief to limit the Commonwealth legislation in relation to which the breach reporting obligation in the National Consumer Credit Protection Act 2009 applies.
Administered by: Treasury
Registered 30 Sep 2021
Tabling HistoryDate
Tabled HR18-Oct-2021
Tabled Senate18-Oct-2021
To be repealed 01 Oct 2024
Repealed by Self Repealing
Table of contents.

Commonwealth Coat of Arms and ASIC logo

ASIC Credit (Breach Reporting—Prescribed Commonwealth Legislation) Instrument 2021/801

I, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

 

Date    28 September 2021

 

 

Anthony Graham

 



Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Credit (Breach Reporting—Prescribed Commonwealth Legislation) Instrument 2021/801.

2        Commencement

This instrument commences on the later of:

(a)     1 October 2021; and

(b)     the day after it is registered on the Federal Register of Legislation.

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

3        Repeal

This instrument is repealed on 1 October 2024.

4        Authority

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

5        Definitions

In this instrument:

Australian credit licence has the same meaning as in section 5 of the Credit Act.

Credit Act means the National Consumer Credit Protection Act 2009.

credit licensee means a person who holds an Australian credit licence.

 

 


 

Part 2—Declaration

6        Core Obligations

The provisions to which Part 2-6 of the Credit Act applies apply in relation to credit licensees as if subsection 50A were modified or varied by omitting paragraph 50A(3)(c) and substituting:

“(c)   the obligation under paragraph 47(1)(d), so far as it relates to Commonwealth legislation that is:

(i)    covered by paragraph (d) of the definition of credit legislation; and

(ii)   one of the following:

                 (A)       Banking Act 1959;

(B)       Corporations Act 2001;

(C)       Financial Sector (Collection of Data) Act 2001;

(D)       Financial Sector (Shareholdings) Act 1998;

(E)       Financial Sector (Transfer and Restructure) Act 1999.”.