Document ID: chunk:federal_register_of_legislation:F2021C01122:body:0:p3
Version: federal_register_of_legislation:F2021C01122
Segment Type: other
Provision Reference: 
Character Range: 6160–9268

written reasons
(1) ASIC specifies the requirements mentioned in subsection (2) in relation to written reasons:
           (a) for the purposes of paragraph 47(1)(d) of the RSA Act—for any decision of the RSA provider (or failure by the RSA provider to make a decision) relating to a complaint; and
           (b) for the purposes of paragraph 101(1)(d) of the SIS Act—for any decision of a trustee of a regulated superannuation fund other than a self managed superannuation fund or of an approved deposit fund (or failure by the trustee to make a decision) relating to a complaint.
(2) ASIC specifies the requirements mentioned in the following paragraphs of Regulatory Guide 271:
           (a) in "What an IDR response must contain":
              (i) paragraphs 53 (including the notes) and 54;
           (b) in "Maximum timeframes for an IDR response":
              (i) paragraphs 56 – 60 and Table 2;
              (ii) paragraphs 64 – 66 (including the notes) and paragraph 69;
              (iii) paragraph 75;
              (iv) paragraph 79;
              (v) paragraphs 81 – 85 (including the notes).
(3) A word or expression that is defined in Regulatory Guide 271 has the same meaning for the purposes of the paragraphs of Regulatory Guide 271 mentioned in subsection (2).

Part 3—Declaration

7 Obligation to comply with internal dispute resolution procedure
Financial services licensees
(1) Part 7.6 (other than Division 4 and 8) of the Corporations Act applies in relation to financial services licensees as if paragraph 912A(1)(g) were modified or varied by, after subparagraph (i), inserting:
            "(ia) in relation to an internal dispute resolution procedure for the purposes of paragraph (2)(a)—comply with the internal dispute resolution procedure; and".
Product issuers and regulated persons
(2) Part 7.9 of the Corporations Act applies in relation to issuers and regulated persons covered by section 1017G as if subsection 1017G(1) were modified or varied by, after paragraph (c), inserting:
            "(ca) in relation to an internal dispute resolution procedure for the purposes of paragraph (2)(a)—comply with the internal dispute resolution procedure; and".
Credit licensees
(3) The provisions to which Part 2-6 of the Credit Act applies apply in relation to credit licensees as if subsection 47(1) were modified or varied by omitting paragraph (h) and substituting:
            "(h) both:
               (i) have an internal dispute resolution procedure that:
                   (A) complies with standards and requirements made or approved by ASIC in accordance with the regulations; and
                   (B) covers disputes in relation to the credit activities engaged in by the licensee or its representatives; and
               (ii) comply with the internal dispute resolution procedure; and".
                 Unlicensed carried over instrument lenders
(4) The provisions to which Part 2-6 of the Credit Act applies apply in relation to unlicensed carried over instrument lenders as if subsection 47(1) as notionally substituted by regulation 25E and Schedule