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ASIC Class Order [CO 14/1262]

About this compilation

Compilation No. 8

This is a compilation of ASIC Class Order [CO 14/1262] as in force on 27 June 2024. 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.

Prepared by the Australian Securities and Investments Commission.

             Australian Securities and Investments Commission
             Corporations Act 2001—Paragraphs 926A(2)(c), 951B(1)(c), 994L(2)(c) and 1020F(1)(c)—
             Declaration

Enabling legislation

    1. The Australian Securities and Investments Commission makes this instrument under paragraphs 926A(2)(c), 951B(1)(c), 994L(2)(c) and 1020F(1)(c) of the Corporations Act 2001 (the Act).

Title

    2. This instrument is ASIC Class Order [CO 14/1262].

Declaration

    4. Parts 7.6 (other than Divisions 4 and 8), 7.7,  7.8A and 7.9 of the Act apply in relation to an affected term deposit as if the definition of basic deposit product in section 9 of the Act were modified or varied as follows:

        (a) omit paragraph (c), substitute:

             "(c) both of the following are satisfied:

                  (i) there is a minimum period before which funds cannot be withdrawn or transferred from the facility without a reduction in the return generated for the depositor;

                  (ii) that period expires on or before the end of the period of 5 years starting on the day on which funds were first deposited  in the facility; and";

        (b) omit paragraph (d), substitute:

             "(d) funds are able to be withdrawn or transferred from the facility on the instruction of, or by authority of, the depositor:

                  (i) without any prior notice to the ADI that makes the facility available; or

                  (ii) subject to a prior notice requirement that does not exceed a period of 31 days from the first business day after the notice is given, whether or not the withdrawal or transfer will attract a reduction in the return generated for the depositor; and".

    4A. Parts 7.6 (other than Divisions 4 and 8) and 7.8A of the Act apply to all persons who provide financial services as if the definition of basic banking product in section 961F of the Act were omitted and substituted with the following definition:

              "basic banking product means any of the following:

        (a) a basic deposit product;

        (b) a facility for making non-cash payments (see section 763D);

        (d) a facility for providing traveller's cheques;

        (e) any other product prescribed by regulations for the purposes of paragraph 961F(e).".

    4B.  Part 7.8A of the Act applies to all persons who issue, or offer to issue a financial product, as if paragraph 7.8A.07(a) of the Corporations Regulations 2001 were omitted and substituted