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ASIC Corporations, Credit and Superannuation (Internal Dispute Resolution) Instrument 2020/98

About this compilation

Compilation No. 1

This is a compilation of ASIC Corporations, Credit and Superannuation (Internal Dispute Resolution) Instrument 2020/98 as in force on 30 September 2021. 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—Standards and requirements
5 Standards and requirements for internal dispute resolution procedures
6 Requirements relating to written reasons
Part 3—Declaration
7 Obligation to comply with internal dispute resolution procedure
8 "Small business" definition for internal dispute resolution
Part 4—Transitional
9 Application
Endnotes
Endnote 1—Instrument history
Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument
This is the ASIC Corporations, Credit and Superannuation (Internal Dispute Resolution) Instrument 2020/98.

3 Authority
This instrument is made under:
           (a) in relation to Part 2 of this instrument:
              (i) subsection 11(4) of the Australian Securities and Investments Commission Act 2001 for the purposes of subparagraphs 912A(2)(a)(i) and 1017G(2)(a)(i) of the Corporations Act 2001; and
              (ii) subsection 12A(6) of the Australian Securities and Investments Commission Act 2001 for the purposes of:
                  (A) paragraph 47(1)(b) of the Retirement Savings Accounts Act 1997;
                  (B) paragraph 101(1)(b) of the Superannuation Industry (Supervision) Act 1993;
                  (C) subparagraph 47(1)(h)(i) of the National Consumer Credit Protection Act 2009;
                  (D) subparagraph 47(1)(e)(i) of the National Consumer Credit Protection Act 2009 as notionally inserted by regulation 25E and Schedule 2 to the National Consumer Credit Protection Regulations 2010;

              (iii) subsection 47(2A) of the Retirement Savings Accounts Act 1997 and subsection 101(1B) of the Superannuation Industry (Supervision) Act 1993;
           (b) in relation to Part 3 of this instrument—subsections 926A(2) and 1020F(1) of the Corporations Act 2001 and subsection 109(3) of the National Consumer Credit Protection Act 2009.

4 Definitions
In this instrument:
approved deposit fund has the same meaning as in the SIS Act.
complaint has the meaning given by paragraphs 27 – 32 of Regulatory Guide 271.
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 firm means:
            (a) a financial services licensee;
            (b) a person to whom section 1017G of the Corporations Act applies;
            (c) a credit licensee;
            (d) an unlicensed carried over instrument lender;
            (e) a trustee of a regulated superannuation fund or of an approved deposit fund;
            (f) an RSA provider.
financial services licensee means a person who holds an Australian financial services