Corporations Amendment (Design and Distribution Obligations—Income Management Regimes) Regulations 2023

I, General the Honourable David Hurley AC DSC (Retd), Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations.

Dated  2 March 2023

David Hurley

Governor‑General

By His Excellency’s Command

Stephen Jones

Assistant Treasurer
Minister for Financial Services

Contents

1 Name

2 Commencement

3 Authority

4 Schedules

Schedule 1—Amendments

Part 1—Income Management Regimes

Corporations Regulations 2001

Part 2—Consequential amendments relating to the Treasury Laws Amendment (2018 Measures No. 2) Act 2020

Corporations Regulations 2001

1  Name

  This instrument is the Corporations Amendment (Design and Distribution Obligations—Income Management Regimes) Regulations 2023.

2  Commencement

 (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

 (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

  This instrument is made under the Corporations Act 2001.

4  Schedules

  Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1—Amendments

Part 1—Income Management Regimes

Corporations Regulations 2001

1  At the end of regulation 7.8A.20

Add:

Income management regimes

 (10) This subregulation covers a financial product that is:

 (a) a BasicsCard bank account (within the meaning of Part 3AA of the Social Security (Administration) Act 1999); or

 (b) a debit card that is attached to an account referred to in paragraph (a); or

 (c) an income management account (within the meaning of Part 3B of that Act); or

 (d) either:

 (i) a stored value card (within the meaning of Part 3B of that Act); or

 (ii) a voucher given under subsection 123YC(2) or 123YD(2) of that Act;

  that relates to an account referred to in paragraph (c).

Part 2—Consequential amendments relating to the Treasury Laws Amendment (2018 Measures No. 2) Act 2020

Corporations Regulations 2001

2  Subparagraph 7.8A.02(4)(c)(iii)

Omit “110(a)”, substitute “110(1)(a)”.