Document ID: chunk:federal_register_of_legislation:F2018C00627:body:0:p1
Version: federal_register_of_legislation:F2018C00627
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ASIC Corporations and Credit (Transition to AFCA) Instrument 2018/814

About this compilation

Compilation No. 1

This is a compilation of ASIC Corporations and Credit (Transition to AFCA) Instrument 2018/814 as in force on 21 September 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
3 Authority
4 Definitions
Part 2—Declaration
5 Notice of AFCA membership—financial services licensees
6 Notice of AFCA membership—credit licensees
7 Notice of AFCA membership—unlicensed carried over instrument lenders
8 Notice of AFCA membership—credit representatives
8A Credit representative authorisations—AFCA membership
9 Application
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations and Credit (Transition to AFCA) Instrument 2018/814.

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

4 Definitions
In this instrument:
Corporations Act means the Corporations Act 2001.
credit representative has the same meaning as in subsection 5(1) of the NCCP Act.
financial services licensee has the same meaning as in section 761A of the Corporations Act.
licensee has the same meaning as in subsection 5(1) of the NCCP Act.
NCCP Act means the National Consumer Credit Protection Act 2009.
unlicensed carried over instrument lender has the same meaning as in subsection 5(1) of the NCCP Act as modified by item 2.4 of Schedule 2 to the National Consumer Credit Protection Regulations 2010.

       Part 2—Declaration

5 Notice of AFCA membership—financial services licensees
    Part 7.6 (other than Divisions 4 and 8) of the Corporations Act apply in relation to financial services licensees as if Division 3 of Part 7.6 were modified or varied by, in the appropriate position, inserting:
           "912AI Deferral of notice of AFCA scheme membership
              (1) A financial services licensee does not have to comply with paragraph 912A(1)(b) to the extent that it would require the licensee to lodge with ASIC, in the prescribed form and before 1 November 2018, details of its membership of the AFCA scheme.
              (2) A financial services licensee that relies on subsection (1) must lodge with ASIC, in the prescribed form and between 1 November 2018 and 30 November 2018, details of its membership of the AFCA scheme.
              (3) Nothing in this section affects an obligation to become a member of the AFCA scheme.".

6 Notice of AFCA membership—credit licensees
    The provisions to which Part 2-6 of the NCCP Act applies apply in relation to licensees