Commonwealth legislation

ASIC Class Order [CO 04/909]

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

2/10 complexity

This Class Order lets banks and credit unions use contracted agents to help customers open simple deposit accounts without formally appointing those agents as representatives under the Corporations Act. It affects ADIs, their external agents (and their staff), and customers who must be informed about complaints processes. ADIs must notify ASIC and agents must not already be appointed as representatives; agents must tell customers how to make complaints.

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Current sections

Direct links to the current provisions in ASIC Class Order [CO 04/909].

Schedule

The provision of a financial service where all of the following apply:

the service is provided by:

(a) a person (the agent) engaged under a written agreement to provide the service on behalf of an Australian ADI; or

(b) an employee or director of the agent;

the service is arranging for the issue of a basic deposit product by the ADI;
the ADI has given ASIC notice in writing of its intention to rely on this instrument;

Note: A single notice expressing an intention to rely on this instrument is sufficient to satisfy this requirement in relation to all of the agents of an ADI appointed from time to time. It is not necessary for separate notices to be given in relation to each agent.

the agent is not a representative of the ADI under one or more of subparagraphs (a)(i) to (a)(iii) of the definition of representative in section 910A of the Act;
the ADI has taken reasonable steps to ensure that before providing the financial service to another person (the customer) as a retail client, the agent specifically draws to the customer’s attention the availability of a dispute resolution system of the ADI that covers complaints by holders of the basic deposit product and how that system may be accessed.

Interpretation

In this instrument:

basic deposit product has the meaning given by section 761A of the Act; and

retail client has the meaning given by section 761G of the Act.

Commencement

This instrument takes effect upon gazettal.

Dated this 19th day of July 2004

Signed by Brendan Byrne

as a delegate of the Australian Securities and Investments Commission

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

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