{"id":"F2024L00783","name":"ASIC Corporations (Approval of February 2025 Banking Code of Practice) Instrument 2024/523","slug":"asic-corporations-approval-of-february-2025-banking-code-of-practice-instrument-2024-523","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":442466,"registerId":"F2024L00783-fast-fetch-1775957460033","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Approval of February 2025 Banking Code of Practice) Instrument 2024/523","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\ntitle: ASIC Corporations (Approval of June 2024 Banking Code of Practice) Instrument 2024/523\n---\n\n![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Approval of February 2025 Banking Code of Practice) Instrument 2024/523\n\nThe Australian Securities and Investments Commission makes the following legislative instrument.\n\n \n\nDate 26 June 2024\n\n \n\n \n\nThe common seal of the Australian   )  Securities and Investments Commission  )  was affixed in accordance with a decision )\n\nof the Australian Securities and Investments  )\n\nCommission made on 25 June 2024.  )\n\n\n\nand affixed by:     in the presence of:\n\n\n \n\n \n\n    \n\n \n\n……………………………………..                          ………………………………….\n\nHsiao-Ni (Sharni) Axtens    Michael Santos\n\nCommission Secretary                       Senior Adviser\n\n   \n\n \n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc170212870)\n\n[1 Name of legislative instrument](#_Toc170212871)\n\n[2 Commencement](#_Toc170212872)\n\n[3 Authority](#_Toc170212873)\n\n[4 Definitions](#_Toc170212874)\n\n[Part 2—Approval](#_Toc170212875)\n\n[5 Approval of February 2025 Banking Code of Practice](#_Toc170212876)\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Approval of February 2025 Banking Code of Practice) Instrument 2024/523.\n\n2 Commencement\n\nThis instrument commences on 28 February 2025.\n\n3 Authority\n\nThis instrument is made under subsection 1101A(1) of the Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\nFebruary 2025 Banking Code of Practice means the Banking Code of Practice provided to ASIC by the Australian Banking Association Limited (ABN 60 117 262 978) on 24 June 2024.\n\nNote: The February 2025 Banking Code of Practice will be available on the website of the Australian Banking Association Limited shortly after this instrument is made. The February 2025 Banking Code of Practice, under its terms, takes effect from 28 February 2025.\n\n\n\n\nPart 2—Approval\n\n5 Approval of February 2025 Banking Code of Practice\n\nThe February 2025 Banking Code of Practice is approved.\n","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"},"kimi_summary":{"content_quality":"ok","complexity_score":1,"scope_assessment":{"changed":false,"description":"This instrument performs exactly the function its title suggests: approving a specific version of the Banking Code of Practice. There is no scope creep or expansion beyond the straightforward approval mechanism contemplated by section 1101A(1) of the Corporations Act 2001."},"complexity_factors":["Extremely short instrument: only 5 sections across 2 Parts","Only 1 defined term ('February 2025 Banking Code of Practice')","No cross-references to other legislation beyond the enabling provision (Corporations Act 2001, s 1101A(1))","No conditional logic, exceptions, or operative complexity—just a straightforward approval","Single substantive provision (section 5) consisting of one sentence"],"plain_english_summary":"The instrument records ASIC’s formal approval of the February 2025 Banking Code of Practice submitted by the Australian Banking Association, giving the Code legal effect under the Corporations Act and taking effect 28 February 2025. It binds ABA-member banks and strengthens protections for bank customers by enabling ASIC enforcement against breaches rather than leaving the Code as a mere industry guideline."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The instrument does not alter the scope of regulation beyond approving the ABA’s submitted Code as provided. It records ASIC’s approval and sets the commencement date; it does not amend the Corporations Act or the Code’s text (see ss 2–5)."},"complexity_factors":["Single, discrete legal action: a one‑line approval rather than multiple amendments or new regulatory regimes (s5).","Short instrument length and straightforward commencement date (s2).","Made under a specific statutory power (subsection 1101A(1) of the Corporations Act) — legal effect depends on that external provision (s3).","Major substantive content resides in an external document (the February 2025 Banking Code of Practice provided to ASIC), which is not reproduced here (definition s4).","Compliance and cost effects depend on the Code’s terms, so regulatory impact requires consulting the external Code.","Low discretionary detail in the instrument itself; enforcement and interpretation will rely on ASIC and the Code's provisions."],"plain_english_summary":"This instrument records ASIC’s formal approval of the Australian Banking Association’s “February 2025 Banking Code of Practice”, made under subsection 1101A(1) of the Corporations Act. The approval takes effect on 28 February 2025 (commencement s2; authority s3; approval s5; definition s4). It makes the ABA’s code an ASIC‑approved instrument that binds banks who adopt the code and imposes compliance obligations (and associated costs) on those banks; ASIC is the decision‑maker under the cited statutory power."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-approval-of-february-2025-banking-code-of-practice-instrument-2024-523","history":"/api/acts/asic-corporations-approval-of-february-2025-banking-code-of-practice-instrument-2024-523/history","analysis":"/api/acts/asic-corporations-approval-of-february-2025-banking-code-of-practice-instrument-2024-523/analysis","conflicts":"/api/acts/asic-corporations-approval-of-february-2025-banking-code-of-practice-instrument-2024-523/conflicts","importantCases":"/api/acts/asic-corporations-approval-of-february-2025-banking-code-of-practice-instrument-2024-523/important-cases","documents":"/api/acts/asic-corporations-approval-of-february-2025-banking-code-of-practice-instrument-2024-523/documents"}}