{"id":"F2018L01325","name":"ASIC Corporations and Credit (Transition to AFCA) Instrument 2018/814","slug":"asic-corporations-and-credit-transition-to-afca-instrument-2018-814","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":98016,"registerId":"commonwealth-F2018L01325-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations and Credit (Transition to AFCA) Instrument 2018/814","content":"![](image.001.jpeg)\n\nASIC Corporations and Credit (Transition to AFCA) Instrument 2018/814\n\nAbout this compilation\n\nCompilation No. 1\n\nThis 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.\n\nThis compilation was prepared by the Australian Securities and Investments Commission.\n\nThe notes at the end of this compilation (the endnotes) include information\n\nabout amending instruments and the amendment history of each amended provision.\n\nContents\n\n[Part 1—Preliminary](#_Toc525287081)\n\n[1 Name of legislative instrument](#_Toc525287082)\n\n[3 Authority](#_Toc525287083)\n\n[4 Definitions](#_Toc525287084)\n\n[Part 2—Declaration](#_Toc525287085)\n\n[5 Notice of AFCA membership—financial services licensees](#_Toc525287086)\n\n[6 Notice of AFCA membership—credit licensees](#_Toc525287087)\n\n[7 Notice of AFCA membership—unlicensed carried over instrument lenders](#_Toc525287088)\n\n[8 Notice of AFCA membership—credit representatives](#_Toc525287089)\n\n[8A Credit representative authorisations—AFCA membership](#_Toc525287090)\n\n[9 Application](#_Toc525287091)\n\n[Endnotes](#_Toc525287092)\n\n[Endnote 1—Instrument history](#_Toc525287093)\n\n[Endnote 2—Amendment history](#_Toc525287094)\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations and Credit (Transition to AFCA) Instrument 2018/814.\n\n3 Authority\n\nThis instrument is made under:\n\n(a) subsection 109(3) of the National Consumer Credit Protection Act 2009; and\n\n(b) subsection 926A(2) of the Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\nCorporations Act means the Corporations Act 2001.\n\ncredit representative has the same meaning as in subsection 5(1) of the NCCP Act.\n\nfinancial services licensee has the same meaning as in section 761A of the Corporations Act.\n\nlicensee has the same meaning as in subsection 5(1) of the NCCP Act.\n\nNCCP Act means the National Consumer Credit Protection Act 2009.\n\nunlicensed 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.\n\nPart 2—Declaration\n\n5 Notice of AFCA membership—financial services licensees\n\nPart 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:\n\n“912AI Deferral of notice of AFCA scheme membership\n\n(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.\n\n(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.\n\n(3) Nothing in this section affects an obligation to become a member of the AFCA scheme.”.\n\n6 Notice of AFCA membership—credit licensees\n\nThe provisions to which Part 2-6 of the NCCP Act applies apply in relation to licensees as if Division 5 of Part 2-2 of the NCCP Act were modified or varied by, after section 47, inserting:\n\n“47A Deferral of notice of AFCA scheme membership\n\n(1) A licensee does not have to comply with paragraph 47(1)(c) to the extent that it would require the licensee to lodge with ASIC, in the approved form and before 1 November 2018, details of its membership of the AFCA scheme.\n\n(2) A licensee that relies on subsection (1) must lodge with ASIC, in the approved form and between 1 November 2018 and 30 November 2018, details of its membership of the AFCA scheme.\n\n(3) Nothing in this section affects an obligation to become a member of the AFCA scheme.”.\n\n7 Notice of AFCA membership—unlicensed carried over instrument lenders\n\nThe provisions to which Part 2-6 of the NCCP Act applies apply in relation to unlicensed carried over instrument lenders as if Schedule 2 to the National Consumer Credit Protection Regulations 2010 were modified or varied by, after item 2.19, inserting:\n\n“2.19A After section 47\n\nAdd\n\n47AA Deferral of notice of AFCA scheme membership\n\n(1) An unlicensed carried over instrument lender does not have to comply with subsection 45(2) to the extent that it would require the lender to lodge with ASIC, in the approved form and before 1 November 2018, details of its membership of the AFCA scheme.\n\n(2) A lender that relies on subsection (1) must lodge with ASIC, in the approved form and between 1 November 2018 and 30 November 2018, details of its membership of the AFCA scheme.\n\n(3) Nothing in this section affects an obligation to become a member of the AFCA scheme.”.\n\n8 Notice of AFCA membership—credit representatives\n\nThe provisions to which Part 2-6 of the NCCP Act applies apply in relation to licensees and credit representatives as if the following provisions were modified or varied:\n\n(a) omit paragraph 71(3)(c);\n\n(b) in subsection 71(3), insert:\n\n“(ca) details of the credit representative’s membership of the AFCA scheme;”\n\n(c) after section 71, insert:\n\n“71A Deferral of notice of AFCA scheme membership\n\n(1) A person that authorises a credit representative under subsection 64(1) or 65(1) does not have to comply with subsection 71(1) or (4) to the extent that it would require the person to lodge with ASIC, in the approved form and before 1 November 2018, details of the credit representative’s membership of the AFCA scheme.\n\n(2) A person that relies on subsection (1) must lodge with ASIC, in the approved form and between 1 November 2018 and 30 November 2018, details of the credit representative’s membership of the AFCA scheme.\n\n(3) Nothing in this section affects an obligation to become a member of the AFCA scheme.”.\n\n8A Credit representative authorisations—AFCA membership\n\nThe provisions to which Part 2-6 of the NCCP Act applies apply in relation to licensees and credit representatives as if, after section 65, the following section was inserted:\n\n“65A Transitioning to AFCA membership\n\n(1) This section applies in relation to an authorisation given to a credit representative who:\n\n(a) as at 21 September 2018—is not a member of the AFCA scheme; and\n\n(b) between 21 September 2018 to 31 October 2018—is a member of an approved external dispute resolution scheme.\n\n(2) Paragraphs 64(5)(c) and 65(6)(c) do not apply to the authorisation.”\n\n9 Application\n\n(1) The declaration made by paragraph 8(a) of this instrument applies on and after the day, under item 72 of Schedule 1 to the Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Act 2018, on and after which the amendments made by Part 5 of Schedule 1 to that Act apply.\n\n(2) The declaration made by section 8A of this instrument ceases to have effect on 1 November 2018.\n\nEndnotes\n\nEndnote 1—Instrument history\n\n| Instrument number | Date of FRL registration    | Date of commencement | Application, saving or transitional provisions |\n| ----------------- | --------------------------- | -------------------- | ---------------------------------------------- |\n| 2018/814          | 20/9/2018 (see F2018L01325) | 21/9/2018            |                                                |\n| 2018/836          | 20/9/2018 (see F2018L01326) | 21/9/2018            | -                                              |\n\nEndnote 2—Amendment history\n\n> Note: ad. = added or inserted am. = amended LA = Legislation Act 2003 rep. = repealed rs. = repealed and substituted\n\n| Provision affected | How affected |\n| ------------------ | ------------ |\n| Section 2          | rep. s48D LA |\n| Section 8A         | ad. 2018/836 |\n| Subsection 9(2)    | ad. 2018/336 |","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"Yes. The instrument temporarily modifies the compliance window for lodging AFCA membership details with ASIC, shifting lodgement from before 1 November 2018 to between 1 and 30 November 2018 for specified entities, while expressly preserving the underlying obligation to become a member of AFCA (see sections 5(1)–(3), 6(1)–(3), 7(1)–(3), 8(1)–(3)). It also creates a limited transitional exemption for credit representative authorisations (section 8A) and specifies the applicable commencement/cessation timing (section 9)."},"complexity_factors":["Multiple statutes and regulations are varied across the Corporations Act and the National Consumer Credit Protection Act (NCCP Act) and its regulations, requiring cross‑referencing (see sections 5–8).","Change is primarily temporal: a short deferral window (1–30 November 2018) rather than a substantive policy change, which reduces legal complexity but raises timing/compliance risk (see sections 5(1)–(2), 6(1)–(2), 7(1)–(2), 8(1)–(2)).","The instrument covers several distinct actor classes (financial services licensees, credit licensees, unlicensed carried‑over instrument lenders, credit representatives), so different provisions apply to different entities (sections 5–8, 8A).","Administrative dependence on ASIC forms ('prescribed form' / 'approved form') creates operational compliance requirements and potential uncertainty until forms are issued (sections 5(1)–(2), 6(1)–(2), 7(1)–(2), 8(1)–(2)).","The instrument expressly does not alter the substantive duty to join AFCA, which preserves the core obligation while changing only reporting timing (see sections 5(3), 6(3), 7(3), 8(3)).","A transitional rule affects credit representative authorisations by exempting certain paragraphs for transitioning representatives, requiring licence‑holders to check authorisation status (section 8A).","The measures are time‑limited and include commencement/cessation directions tied to other legislation and dates, which simplifies intent but requires care about effective dates (section 9)."],"plain_english_summary":"This instrument defers ASIC lodgement deadlines for reporting membership of the Australian Financial Complaints Authority (AFCA). It lets financial services licensees, credit licensees, unlicensed carried‑over instrument lenders and credit representatives lodge AFCA membership details with ASIC between 1 and 30 November 2018 instead of before 1 November 2018, while leaving the underlying obligation to become an AFCA member unchanged."},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"The instrument remains tightly focused on its original purpose: providing a brief administrative deferral for AFCA membership notification deadlines during the November 2018 transition. The single amendment (Instrument 2018/836) added section 8A to address a specific technical issue regarding credit representatives who were members of legacy external dispute resolution schemes, which was within the original transitional scope rather than an expansion of purpose."},"complexity_factors":["Short instrument (9 sections plus endnotes, approximately 4 pages)","Only 5 defined terms in section 4, all referencing external legislation","Simple conditional structure: deferral of deadline + replacement deadline + savings clause","Three parallel provisions (sections 5, 6, 7) using nearly identical language for different licensee types","Minor technical amendment (section 8A) addressing a specific transitional edge case for credit representatives","No nested exceptions or complex cross-referencing beyond basic statutory modification formulas ('as if... modified or varied by')","Clear sunset clause (section 9(2)) specifying instrument ceases 1 November 2018"],"plain_english_summary":"This instrument gives financial services and credit licensees (and affected credit representatives and carried-over lenders) a short extension to lodge with ASIC that they joined the new Australian Financial Complaints Authority. Instead of the 1 November 2018 lodgement deadline, they had until 30 November 2018. It changes only paperwork timing—not the obligation to join AFCA—and eased a potential filing bottleneck."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-and-credit-transition-to-afca-instrument-2018-814","history":"/api/acts/asic-corporations-and-credit-transition-to-afca-instrument-2018-814/history","analysis":"/api/acts/asic-corporations-and-credit-transition-to-afca-instrument-2018-814/analysis","conflicts":"/api/acts/asic-corporations-and-credit-transition-to-afca-instrument-2018-814/conflicts","importantCases":"/api/acts/asic-corporations-and-credit-transition-to-afca-instrument-2018-814/important-cases","documents":"/api/acts/asic-corporations-and-credit-transition-to-afca-instrument-2018-814/documents"}}