Australian Securities and Investments Commission
Corporations Act 2001 – Paragraph 911A(2)(l) – Exemption

1. The Australian Securities and Investments Commission grants this exemption under paragraph 911A(2)(l) of the Corporations Act 2001 (the Act).

2. Subject to paragraph 3, a financial services licensee (licensee) is exempt from the requirement to hold an Australian financial services licence (licence) for the provision of a financial service in the ordinary course of their business that consists of either or both of the following:

(a) advising a person (person 1) in relation to an eligible non-cash payments facility that person 1 may use, or has used, to pay another person (person 2) for goods or services (including financial products or financial services);

(b) arranging for person 1 to deal in an eligible non-cash payments facility that person 1 may use [Yes.  The language in (a) and (b) tracks the language to pay person 2 for goods or services (including financial products or financial services).

3. This exemption does not apply to a licensee:

(a) who is an issuer of a non-cash payments facility; or

(b) whose licence authorises the provision of a financial service referred to in paragraph 2.

4. This instrument takes effect on gazettal.

Interpretation

5. In this instrument:

eligible non-cash payments facility means a non-cash payments facility issued by:

(a) a non-cash payments facility issued by an Australian ADI; or

(b) a non-cash payments facility that:

(i) is issued by a person in respect of whom there is in force an authority under section 23 of the Payment Systems (Regulation) Act 1998 to be the holder of the stored value of a class of purchased payment facilities; and

(ii) is a purchased payment facility of that class; or

(c) a non-cash payments facility that:

(i) is issued by a participant in a designated payment system within the meaning of section 7 of the Payment Systems (Regulation) Act 1998;

(ii) relates to that system; and

non-cash payments facility means a facility through which, or through the acquisition of which, a person makes non-cash payments within the meaning of section 763D of the Act.

 

Dated this 13th day of August 2003

 

 

Signed by Brendan Byrne
as a delegate of the Australian Securities and Investments Commission