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ASIC Corporations (Amendment) Instrument 2021/785

Authoritative Version
  • - F2021L01382
  • In force - Latest Version
Other as made
This instrument amends the ASIC Corporations (Basic Deposit and General Insurance Product Distribution) Instrument 2015/682 and the ASIC Class Order [CO 14/1262] to put in place interim measures to provide certainty on the application of the design and distribution obligations regime.
Administered by: Treasury
Registered 01 Oct 2021
Tabling HistoryDate
Tabled HR18-Oct-2021
Tabled Senate18-Oct-2021
To be repealed 30 Mar 2022
Repealed by Division 1 of Part 3 of Chapter 3 of the Legislation Act 2003
Table of contents.

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ASIC Corporations (Amendment) Instrument 2021/785

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

 

Date    1 October 2021

 

 

 

Anthony Graham

 



Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations (Amendment) Instrument 2021/785.

2        Commencement

This instrument commences on the later of:

(a)     5 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        Authority

This instrument is made under paragraphs 926A(2)(c), 951B(1)(c), 994L(2)(c) and 1020F(1)(c) of the Corporations Act 2001.

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Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.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 1—Amendments

ASIC Corporations (Basic Deposit and General Insurance Product Distribution) Instrument 2015/682

1        Paragraph 5(1)(a) (paragraph (a) of the notional definition of product distributor)

After “a person (the principal distributor)”, insert “, other than an employee of the licensee, who”.

ASIC Class Order [CO 14/1262]

2        Paragraph 1

After “951B(1)(c)”, insert “, 994L(2)(c)”.

3        Paragraph 4

After “7.7”, insert “, 7.8A”.

4        Paragraph 4A

Omit “Part 7.6 (other than Divisions 4 and 8) of the Act applies”, substitute “Parts 7.6 (other than Divisions 4 and 8) and 7.8A of the Act apply”.

5        After paragraph 4A

          Insert:

 4B.   Part 7.8A of the Act applies to all persons who issue, or offer to issue a financial product, as if paragraph 7.8A.07(a) of the Corporations Regulations 2001 were omitted and substituted with the following:

“(a)    the product is a basic banking product within the meaning of section 910A of the Act; and”.