Commonwealth legislation

ASIC Corporations (Approval of Banking Code of Practice) Instrument 2019/663

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

1/10 complexity

This instrument formally approves the 2019 Banking Code of Practice — a set of rules that banks promise to follow when dealing with everyday customers and small businesses.

What it does

Gives official legal backing to the Banking Code of Practice under the Corporations Act 2001.
Once approved, banks that subscribe to the code must stick to its rules, which cover things like fair treatment, helping customers in financial hardship, and handling complaints quickly.

Who it affects

Banks that are members of the Australian Banking Association (most major banks).
Customers — particularly consumers and small businesses — who get extra protections and clearer standards of service.

Why it matters Without this approval, the code would just be a voluntary promise. ASIC's approval means the code has regulatory teeth — if a bank breaks the rules, it can face consequences under corporations law, not just bad publicity.

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Current sections

Direct links to the current provisions in ASIC Corporations (Approval of Banking Code of Practice) Instrument 2019/663.

ASIC Corporations (Approval of Banking Code of Practice) Instrument 2019/663

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Commonwealth Coat of Arms and ASIC logo

ASIC Corporations (Approval of Banking Code of Practice) Instrument 2019/663

I, Michael Saadat, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date: 25 June 2019

Michael Saadat

Contents

Part 1—Preliminary

1 Name of legislative instrument

5 Approval of 2019 Banking Code of Practice

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Approval of Banking Code of Practice) Instrument 2019/663.

2 Commencement

This instrument commences the same day as the ASIC Corporations (Banking Code of Practice – Revocation of 2018 Approval) Instrument 2019/662.

Note: The Federal Register of Legislation may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under subsection 1101A(1) of the Corporations Act 2001.

4 Definitions

In this instrument:

2019 Banking Code of Practice means the Banking Code of Practice, published on 24 June 2019 by the Australian Banking Association Incorporated (ABN 60 117 262 978).

Part 2—Approval

5 Approval of 2019 Banking Code of Practice

The 2019 Banking Code of Practice is approved.

Source text

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

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8

ASIC Corporations (Approval of Banking Code of Practice) Instrument 2019/663

I, Michael Saadat, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date: 25 June 2019

Michael Saadat

Contents

Part 1—Preliminary

1 Name of legislative instrument

5 Approval of 2019 Banking Code of Practice

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Approval of Banking Code of Practice) Instrument 2019/663.

2 Commencement

This instrument commences the same day as the ASIC Corporations (Banking Code of Practice – Revocation of 2018 Approval) Instrument 2019/662.

Note: The Federal Register of Legislation may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under subsection 1101A(1) of the Corporations Act 2001.

4 Definitions

In this instrument:

2019 Banking Code of Practice means the Banking Code of Practice, published on 24 June 2019 by the Australian Banking Association Incorporated (ABN 60 117 262 978).