ASIC Corporations (Amendment No. 1) Instrument 2015

ASIC Legislative Instrument No. 238, 2015

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

Date  24 March 2015

Grant Moodie

Contents

Part 1—Preliminary 

1 Name of legislative instrument.....................................

2 Commencement................................................

3 Authority.....................................................

4 Schedule......................................................

Schedule 1—Amendment 

ASIC Class Order [CO 14/1262].....................................

Part 1—Preliminary

1 Name of legislative instrument

This instrument is ASIC Corporations (Amendment No. 1) Instrument 2015.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislative Instruments.

Note: The register may be accessed at http://www.comlaw.gov.au.

3 Authority

This instrument is made under subsection 926A(2) of the Corporations Act 2001.

4 Schedule

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned.

Schedule 1—Amendment

ASIC Class Order [CO 14/1262]

1 After paragraph 4

Insert:

4A. Part 7.6 (other than Divisions 4 and 8) of the Act applies to all persons as if the definition of basic banking product in section 922C of the Act were omitted and substituted with the following definition:

“basic banking product means:

(a) a basic deposit product;

(b) a facility for making non-cash payments (see section 763D) that is related to a basic deposit product;

(c) an FHSA product of a kind mentioned in subparagraph (c)(i) of the meaning of FHSA in section 8 of the First Home Saver Accounts Act 2008 (first home saver accounts);

(d) a facility for providing traveller’s cheques;

(e) any other product prescribed by regulations for the purposes of this paragraph.”.

Note: Section 922C of the Act is notionally inserted by regulation 7.6.02AI of the Corporations Regulations 2001.