ASIC Credit (Amendment) Instrument 2018/836
I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.
Grant Moodie
ASIC Credit (Amendment) Instrument 2018/836
I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.
Grant Moodie
Contents
1 Name of legislative instrument
ASIC Corporations and Credit (Transition to AFCA) Instrument 2018/814
1 Name of legislative instrument
This is the ASIC Credit (Amendment) Instrument 2018/836.
This instrument commences on the later of:
(a) the first moment in time immediately after the commencement of the ASIC Corporations and Credit (Transition to AFCA) Instrument 2018/814; and
(b) the day it is registered on the Federal Register of Legislation.
Note: The register may be accessed at www.legislation.gov.au.
This instrument is made under subsection 109(3) of the National Consumer Credit Protection Act 2009.
Each instrument that is specified in a Schedule to this instrument is amended as set out in the applicable items in that Schedule.
ASIC Corporations and Credit (Transition to AFCA) Instrument 2018/814
1 Part 2
8A Credit representative authorisations—AFCA membership
The provisions to which Part 2-6 of the NCCP Act applies apply in relation to licensees and credit representatives as if, after section 65, the following section was inserted:
“65A Transitioning to AFCA membership
(1) This section applies in relation to an authorisation given to a credit representative who:
(a) as at 21 September 2018—is not a member of the AFCA scheme; and
(b) between 21 September 2018 to 31 October 2018—is a member of an approved external dispute resolution scheme.
(2) Paragraphs 64(5)(c) and 65(6)(c) do not apply to the authorisation.”.
2 Section 9
(a) before “The” insert “(1)”;
(b) at the end insert on a new line:
(2) The declaration made by section 8A of this instrument ceases to have effect on 1 November 2018.