{"id":"F2018L01102","name":"ASIC Corporations (Banking Code of Practice) Instrument 2018/700","slug":"asic-corporations-banking-code-of-practice-instrument-2018-700","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":439722,"registerId":"F2018L01102-fast-fetch-1775955635281","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Banking Code of Practice) Instrument 2018/700","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\n---\n\n![Commonwealth Coat of Arms and ASIC logo](image.001.jpeg)\n\nASIC Corporations (Banking Code of Practice) Instrument 2018/700\n\nI, Michael Saadat, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate: 9 August 2018\n\n \n\n \n\nMichael Saadat\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc521498573)\n\n[1 Name of legislative instrument](#_Toc521498574)\n\n[2 Commencement](#_Toc521498575)\n\n[3 Authority](#_Toc521498576)\n\n[4 Definitions](#_Toc521498577)\n\n[Part 2—Approval](#_Toc521498578)\n\n[5 Approval of Banking Code of Practice](#_Toc521498579)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Banking Code of Practice) Instrument 2018/700.\n\n2 Commencement\n\nThis instrument commences the day after it is registered on the Federal Register of Legislation.\n\nNote: The register may be accessed at [www.legislation.gov.au](http://www.legislation.gov.au).\n\n3 Authority\n\nThis instrument is made under section 1101A of the Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\nBanking Code of Practice means the Banking Code of Practice, published in August 2018 by the Australian Banking Association Incorporated (ABN 60 117 262 978), as existing at the date of this instrument.\n\nPart 2—Approval\n\n5 Approval of Banking Code of Practice\n\nThe Banking Code of Practice is approved.\n","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":1403},"content_quality":"ok","complexity_score":1,"scope_assessment":{"changed":false,"description":"The instrument has a narrow, singular purpose: approving the existing Banking Code of Practice as published. It does not expand beyond this specific statutory function of giving legal effect to the industry code."},"complexity_factors":["Only 5 sections with minimal text","Single defined term ('Banking Code of Practice')","No conditional logic, exceptions, or operational provisions beyond the approval itself","Incorporates external document by reference rather than reproducing content"],"plain_english_summary":"This document gives legal backing to the **Banking Code of Practice** — a set of customer protection rules that banks voluntarily agree to follow.\n\n**What it does:**\n- Officially approves the Banking Code published by the Australian Banking Association in August 2018\n- Makes the Code an 'approved code' under the *Corporations Act 2001* (section 1101A)\n\n**Who it affects:**\n- **Banks and lenders** that subscribe to the Code (including the major banks)\n- **Customers** — particularly individuals and small businesses who gain enforceable rights regarding fair treatment, financial hardship assistance, and dispute resolution\n\n**Why it matters:**\nWithout this instrument, the Code would be merely a voluntary guideline. Once approved by ASIC (the corporate regulator), breaches of the Code can have legal consequences and customers can rely on it when complaining to the Australian Financial Complaints Authority (AFCA). It essentially turns industry promises into regulatory obligations."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-banking-code-of-practice-instrument-2018-700","history":"/api/acts/asic-corporations-banking-code-of-practice-instrument-2018-700/history","analysis":"/api/acts/asic-corporations-banking-code-of-practice-instrument-2018-700/analysis","conflicts":"/api/acts/asic-corporations-banking-code-of-practice-instrument-2018-700/conflicts","importantCases":"/api/acts/asic-corporations-banking-code-of-practice-instrument-2018-700/important-cases","documents":"/api/acts/asic-corporations-banking-code-of-practice-instrument-2018-700/documents"}}