ASIC Credit (Breach Reporting—Prescribed Commonwealth Legislation) Instrument 2021/801

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

Date 28 September 2021

Contents

Part 1—Preliminary

1 Name of legislative instrument

2 Commencement

3 Repeal

4 Authority

5 Definitions

Part 2—Declaration

6 Core Obligations

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Credit (Breach Reporting—Prescribed Commonwealth Legislation) Instrument 2021/801.

2 Commencement

This instrument commences on the later of:

(a) 1 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 Repeal

This instrument is repealed on 1 October 2024.

4 Authority

This instrument is made under subsection 109(3) of the National Consumer Credit Protection Act 2009.

5 Definitions

In this instrument:

Australian credit licence has the same meaning as in section 5 of the Credit Act.

Credit Act means the National Consumer Credit Protection Act 2009.

credit licensee means a person who holds an Australian credit licence.

Part 2—Declaration

6 Core Obligations

The provisions to which Part 2-6 of the Credit Act applies apply in relation to credit licensees as if subsection 50A were modified or varied by omitting paragraph 50A(3)(c) and substituting:

“(c) the obligation under paragraph 47(1)(d), so far as it relates to Commonwealth legislation that is:

(i) covered by paragraph (d) of the definition of credit legislation; and

(ii) one of the following:

  (A) Banking Act 1959;

(B) Corporations Act 2001;

(C) Financial Sector (Collection of Data) Act 2001;

(D) Financial Sector (Shareholdings) Act 1998;

(E) Financial Sector (Transfer and Restructure) Act 1999.”.