Source: https://www.legislation.gov.au/Details/F2019L00537
Timestamp: 2019-04-20 00:15:55
Document Index: 645987374

Matched Legal Cases: ['art 7', 'art 7', 'art 10', 'art 7', 'art 6', 'art 6', 'art 7', 'art 13', 'art 14']

Treasury Laws Amendment (AFCA Cooperation) Regulations 2019
Details: F2019L00537
- F2019L00537
These regulations amend multiple regulations to impose a requirement that members of the Australian Financial Complaints Authority must provide the Australian Financial Complaints Authority with reasonable assistance to allow the Australian Financial Complaints Authority to promptly and fairly resolve complaints.
F2019L00537
This instrument is the Treasury Laws Amendment (AFCA Cooperation) Regulations 2019.
(b) the National Consumer Credit Protection Act 2009;
(c) the Retirement Savings Accounts Act 1997;
1 After regulation 7.6.03B
7.6.03C Financial services licensee must cooperate with AFCA
(1) For the purposes of paragraph 912A(1)(j) of the Act, a financial services licensee that is required by paragraph 912A(1)(g) of the Act to be a member of the AFCA scheme must comply with the obligation in subregulation (2).
(2) The licensee must take reasonable steps to cooperate with AFCA in resolving any complaint under the AFCA scheme to which the licensee is a party, including by:
(a) giving reasonable assistance to AFCA in resolving the complaint; and
(b) identifying, locating and providing to AFCA any documents and information that AFCA reasonably requires for the purposes of resolving the complaint; and
(c) giving effect to any determination made by AFCA in relation to the complaint.
(3) Subregulation (2) does not apply to superannuation complaints.
Note: For provisions relating to superannuation complaints, see Division 3 of Part 7.10A of the Act.
2 After regulation 7.9.77
7.9.77A Dispute resolution requirement—obligation to cooperate with AFCA
For the purposes of paragraph 1020G(1)(c) of the Act, Part 7.9 of the Act applies as if subsection 1017G(1) of the Act were modified by inserting the following paragraph after paragraph 1017G(1)(d):
; and (e) take reasonable steps to cooperate with AFCA in resolving any complaint (other than a superannuation complaint) under the AFCA scheme to which the issuer or regulated person is a party, including by:
(i) giving reasonable assistance to AFCA in resolving the complaint; and
(ii) identifying, locating and providing to AFCA any documents and information that AFCA reasonably requires for the purposes of resolving the complaint; and
(iii) giving effect to any determination made by AFCA in relation to the complaint.
Part 10.32—Application provisions relating to the Treasury Laws Amendment (AFCA Cooperation) Regulations 2019
10.32.01 Application—obligation to cooperate with AFCA
The amendments made by items 1 and 2 of Schedule 1 to the Treasury Laws Amendment (AFCA Cooperation) Regulations 2019 apply on and after the commencement of that item in relation to complaints made under the AFCA scheme before, on or after that commencement.
AFCA (short for the Australian Financial Complaints Authority) has the same meaning as in Chapter 7 of the Corporations Act 2001.
11A Obligations of licensees—cooperation with AFCA
(1) For the purposes of paragraph 47(1)(m) of the Act, a licensee must comply with the obligations in subregulation (2).
(3) Subregulation (2) does not apply to superannuation complaints (within the meaning of Chapter 7 of the Corporations Act 2001).
Note: For provisions relating to superannuation complaints, see Division 3 of Part 7.10A of the Corporations Act 2001.
6 At the end of regulation 23B (after the notes)
(4) This regulation ceases to apply in relation to the fund raising special purpose entity and does not again apply in relation to the entity (subject to subregulation (6)) if:
(a) the entity is a party to a complaint under the AFCA scheme (other than a superannuation complaint within the meaning of Chapter 7 of the Corporations Act 2001); and
(b) ASIC is satisfied that the entity has failed to comply with subregulation (5) in relation to the complaint; and
(c) ASIC gives the entity written notice that it is so satisfied; and
(d) 28 days have passed since the notice was given.
(5) For the purposes of paragraph (4)(b), the fund raising special purpose entity must take reasonable steps to cooperate with AFCA in resolving the complaint, including by:
(6) For the purposes of paragraph 327(1)(i) of the Act, an application may be made to the Administrative Appeals Tribunal for review of a decision of ASIC under subregulation (4).
Note: For notice requirements relating to reviewable decisions, see section 328 of the Act.
7 At the end of regulation 23C (after the notes)
(4) This regulation ceases to apply in relation to the securitisation entity and does not again apply in relation to the entity (subject to subregulation (6)) if:
(5) For the purposes of paragraph (4)(b), the securitisation entity must take reasonable steps to cooperate with AFCA in resolving the complaint, including by:
8 In the appropriate position in Part 6‑3
49H Transitional—Schedule 1 to the Treasury Laws Amendment (AFCA Cooperation) Regulations 2019
The amendments made by items 5, 6 and 7 of Schedule 1 to the Treasury Laws Amendment (AFCA Cooperation) Regulations 2019 apply on and after the commencement of those items in relation to complaints made under the AFCA scheme before, on or after that commencement.
9 Subregulation 1.03(1)
10 After Division 6.3 of Part 6
Division 6.3A—Cooperation with AFCA
6.10A Cooperation with AFCA
(1) For the purposes of subsection 38(1) of the Act, the requirement set out in subregulation (2) is a standard applicable to the operation of RSAs.
(2) An RSA provider that is required to be a member of the AFCA scheme by paragraph 47(1)(a) of the Act must take reasonable steps to cooperate with AFCA in resolving any complaint under the AFCA scheme to which the RSA provider is a party, including by:
11 In the appropriate position in Part 7
7.8 Amendments made by the Treasury Laws Amendment (AFCA Cooperation) Regulations 2019
The amendment made by item 10 of Schedule 1 to the Treasury Laws Amendment (AFCA Cooperation) Regulations 2019 applies on and after the commencement of that item in relation to complaints made under the AFCA scheme before, on or after that commencement.
13 At the end of Division 13.2 of Part 13
13.17D Cooperation with AFCA
(1) For the purposes of subsection 31(1) of the Act, the requirement set out in subregulation (3) is a standard applicable to the operation of regulated superannuation funds (other than self managed superannuation funds).
(2) For the purposes of subsection 32(1) of the Act, the requirement set out in subregulation (3) is a standard applicable to the operation of approved deposit funds.
(3) A trustee of such a fund that is required to be a member of the AFCA scheme by paragraph 101(1)(a) of the Act must take reasonable steps to cooperate with AFCA in resolving any complaint under the AFCA scheme to which the trustee is a party, including by:
(4) Subregulation (3) does not apply to superannuation complaints (within the meaning of Chapter 7 of the Corporations Act 2001).
14 In the appropriate position in Part 14
Division 14.20—Transitional arrangements arising out of the Treasury Laws Amendment (AFCA Cooperation) Regulations 2019
14.20 Arrangements
The amendment made by item 13 of Schedule 1 to the Treasury Laws Amendment (AFCA Cooperation) Regulations 2019 applies on and after the commencement of that item in relation to complaints made under the AFCA scheme before, on or after that commencement.