Document ID: chunk:federal_register_of_legislation:F2024L01202:reg:9:p1
Version: federal_register_of_legislation:F2024L01202
Segment Type: reg
Provision Reference: reg 9 (pt 1/4)
Character Range: 881–4069

9  Repeal.......................................................9

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2024/620.

2 Commencement
This instrument commences on the day after it is registered on the Federal Register of Legislation.
Note: The register may be accessed at www.legislation.gov.au.

3 Authority
This instrument is made under subsection 926A(2) of the Corporations Act 2001 and subsection 109(3) of the National Consumer Credit Protection Act 2009.

4 Definitions
In this instrument:
Australian credit licence has the same meaning as in section 5 of the Credit Act.
Corporations Act means the Corporations Act 2001.
Credit Act means the National Consumer Credit Protection Act 2009.
credit licensee means a person who holds an Australian credit licence.
financial services licensee has the same meaning as in section 9 of the Corporations Act.

Part 2—Declaration

5 Reportable Situations
 1.           Part 7.6 of the Corporations Act (other than Divisions 4 and 8) applies in relation to financial service licensees as if section 912D were modified or varied by omitting paragraph 912D(4)(b) and substituting:
           "(b) the breach is constituted by the contravention of a civil penalty provision under any law, other than:
              (i) a civil penalty provision prescribed by the regulations for the purposes of this paragraph; or
              (ii) subsection 912A(5A) to the extent that the contravention results from a contravention of subparagraph 912A(1)(g)(ia) as notionally inserted by ASIC Corporations, Credit and Superannuation (Internal Dispute Resolution) Instrument 2020/98; or".
(2) 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(4)(b) and substituting:
           "(b) the breach is constituted by the contravention of a civil penalty provision under any law, other than:
              (i) a civil penalty provision prescribed by the regulations for the purposes of this paragraph; or
              (ii) subsection 47(4) to the extent the contravention results from a contravention of subparagraph 47(1)(h)(ii) as notionally substituted by ASIC Corporations, Credit and Superannuation (Internal Dispute Resolution) Instrument 2020/98.".

6 Insignificant contraventions of core obligations

       (1)  Part 7.6 of the Corporations Act (other than Divisions 4 and 8) applies in relation to financial service licensees as if section 912D were modified or varied by:

           (a) in subsection 912D(4), omitting "For the purposes" and substituting "Subject to subsection (4A), for the purposes"; and

           (b) after subsection 912D(4), inserting:

               "(4A)  A breach constituted by a contravention of subsection 1041H(1) of this Act or subsection 12DA(1) or 12DB(1) of the ASIC Act is not taken to be significant if:
(a) but for this subsection, the underlying circumstances in relation to the breach:
                     (i) would only give rise, and would only be likely to give rise, to a single