Commonwealth legislation

ASIC Corporations (Approval of March 2020 Banking Code of Practice) Instrument 2019/1255

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

ASIC formally approves the March 2020 Banking Code of Practice, turning the industry’s consumer promise into a legally binding code for banks that have signed up.

That makes the Code’s stronger protections for small business borrowers, farmers and people giving guarantees enforceable by ASIC — including court action and fines — rather than mere voluntary commitments.

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ASIC Corporations (Approval of March 2020 Banking Code of Practice) Instrument 2019/1255

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Commonwealth Coat of Arms and ASIC logo

ASIC Corporations (Approval of March 2020 Banking Code of Practice) Instrument 2019/1255

I, Sean Hughes, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 13 December 2019

Sean Hughes

Contents

Part 1—Preliminary

1 Name of legislative instrument

5 Approval of March 2020 Banking Code of Practice

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Approval of March 2020 Banking Code of Practice) Instrument 2019/1255.

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 subsection 1101A(1) of the Corporations Act 2001.

4 Definitions

In this instrument:

March 2020 Banking Code of Practice means the Banking Code of Practice, published on 12 December 2019 by the Australian Banking Association Incorporated (ABN 60 117 262 978).

Note: The March 2020 Banking Code of Practice, under its terms, takes effect from 1 March 2020.

Part 2—Approval

5 Approval of March 2020 Banking Code of Practice

The March 2020 Banking Code of Practice is approved.

Source text

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

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ASIC Corporations (Approval of March 2020 Banking Code of Practice) Instrument 2019/1255

I, Sean Hughes, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 13 December 2019

Sean Hughes

Contents

Part 1—Preliminary

1 Name of legislative instrument

5 Approval of March 2020 Banking Code of Practice

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Approval of March 2020 Banking Code of Practice) Instrument 2019/1255.

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 subsection 1101A(1) of the Corporations Act 2001.

4 Definitions

In this instrument:

March 2020 Banking Code of Practice means the Banking Code of Practice, published on 12 December 2019 by the Australian Banking Association Incorporated (ABN 60 117 262 978).