1ASIC Corporations (AFCA Regulatory Requirement) Instrument 2021/0002

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ASIC Corporations (AFCA Regulatory Requirement) Instrument 2021/0002

I, Sarah Edmondson, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

 

Date: 5 January 2021

 

Sarah Edmondson

 

Contents

Part 1—Preliminary

1 Name of legislative instrument

2 Commencement

3 Authority

4 Definitions

Part 2— Regulatory requirement

5 Requirement to amend scheme rules

 

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (AFCA Regulatory Requirement) Instrument 2021/0002.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note: The register may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under paragraph 1052A(b) of the Corporations Act 2001.

4 Definitions

In this instrument:

Act means the Corporations Act 2001.

AFCA  means the operator of the AFCA scheme.

AFCA scheme means the external dispute resolution scheme for which an authorisation under Part 7.10A of the Act is in force.

scheme rules means the Australian Financial Complaints Authority (AFCA) Complaint Resolution Scheme Rules.

Part 2— Regulatory requirement

5 Requirement to amend scheme rules

 (1) AFCA is required to amend the scheme rules on or before 15 January 2021, without consultation, to:

(a) in the appropriate place in rule E.1.1, insert:

“Representative means any person or entity for whose conduct a Financial Firm is or may be liable, including but not limited to a representative within the meaning of the Corporations Act, and a credit representative within the meaning of the National Consumer Credit Protection Act 2009.” and