About this compilation

Compilation No. 1

This is a compilation of ASIC Credit (Litigation Funding—Exclusion) Instrument 2020/37 as in force on 16 December 2022. It includes any commenced amendment affecting the legislative instrument to that date.

This compilation was prepared by the Australian Securities and Investments Commission.

The notes at the end of this compilation (the endnotes) include information

about amending instruments and the amendment history of each amended provision.

Contents

Part 1—Preliminary  3

1    Name of legislative instrument 3

3    Authority. 3

4    Definitions. 3

Part 2—Exclusion  4

5    Litigation funding and proof of debt funding arrangements. 4

Endnotes  5

Endnote 1—Instrument history. 5

Endnote 2—Amendment history. 5

Part 1—Preliminary

1        Name of legislative instrument

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

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 2026.

Endnotes

Endnote 1—Instrument history

Endnote 2—Amendment history

ad. = added or inserted     am. = amended     LA = Legislation Act 2003    rep. = repealed     rs. = repealed and substituted