Document ID: chunk:federal_register_of_legislation:F2018C00825:body:0:p1
Version: federal_register_of_legislation:F2018C00825
Segment Type: other
Provision Reference: 
Character Range: 0–3007

ASIC Corporations (Non-cash Payment Facilities) Instrument 2016/211

About this compilation

Compilation No. 1

This is a compilation of ASIC Corporations (Non-cash Payment Facilities) Instrument 2016/211 as in force on 13 November 2018. It includes any commenced amendment affecting the legislative instrument to that date.

This compilation was prepared by the Australian Securities and Investments Commission.

The notes at the end of this compilation (the endnotes) include information
about amending instruments and the amendment history of each amended provision.

Contents

Part 1—Preliminary
1 Name of legislative instrument
4 Authority
5 Definitions
Part 2—Relief for non-cash payment facilities
6 Loyalty schemes
7 Road toll facilities
8 Non-cash payment facilities used for third party payments
9 Low value non-cash payment facilities
10 Gift facilities
11 Prepaid mobile facilities
12 Requirement to confirm transactions for travellers' cheques
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations (Non-cash Payment Facilities) Instrument 2016/211.

4 Authority
This instrument is made under subsections 765A(2) and 1020F(1) and paragraphs 601QA(1)(a), 926A(2)(a), 951B(1)(a) and 992B(1)(a) of the Corporations Act 2001.

5 Definitions
In this instrument:
Act means the Corporations Act 2001.
device means any object by which a person may use a low value non-cash payment facility or gift facility.
eligible non-cash payment facility means a non-cash payment facility that:
(a) is issued by a financial services licensee; or
(b) is issued by a participant in a designated payment system, within the meaning of section 7 of the Payments Systems (Regulation) Act 1998, and that relates to that system.
expiry date means a date after which a non-cash payment facility cannot be used to make non-cash payments.
facility has a meaning affected by section 762C of the Act.
       gift facility means a non-cash payment facility in relation to which all of the following apply:
           (a)  the amount available for making non-cash payments under the facility:
(i)  is set when the facility is issued;
              (ii) cannot be increased after the facility is issued unless it is because of the reversal of a payment made under the facility or the correction of an error;
              (iii) cannot be withdrawn from the facility by means of a cash payment unless all of the following apply:
                  (A)  one or more non-cash payments have already been made using the facility;
                  (B) the amount available for making non-cash payments is an amount that, in the reasonable opinion of the issuer of the facility, is unlikely to be able to be conveniently used under the facility;
                  (C) the withdrawal is of the full amount standing to the credit of the facility;
(b)  the facility may be used to make non-cash payments on more than one occasion;
(c) the