1ASIC Corporations (Factoring Arrangements) Instrument 2017/794

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ASIC Corporations (Factoring Arrangements) Instrument 2017/794

I, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

 

Date 12 September 2017

 

 

Anthony Graham

 

Contents

Part 1—Preliminary

1 Name of legislative instrument

2 Commencement

3 Authority

4 Definitions

Part 2—Exemption

5 Exemption from licensing, hawking and disclosure obligations

6 Where exemption is available

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Factoring Arrangements) Instrument 2017/794.

2 Commencement

This instrument commences at the same time as the commencement of the ASIC Corporations (Repeal) Instrument 2017/796.

3 Authority

This instrument is made under paragraphs 926A(2)(a), 992B(1)(a) and 1020F(1)(a) of the Corporations Act 2001.

4 Definitions

In this instrument:

Act means the Corporations Act 2001.

eligible person means a person who:

(a) is an eligible seller; or

(b) is or proposes to be the purchaser of debt obligations under the terms of a factoring arrangement; or

(c) provides a financial service in relation to a factoring arrangement.

eligible seller means a person who is or proposes to be the seller of debt obligations under the terms of a factoring arrangement.

factoring arrangement means an arrangement under which a person acquires debt obligations, such as receivables, at a discount.

Part 2—Exemption

5 Exemption from licensing, hawking and disclosure obligations

An eligible person does not have to comply with any of the following:

(a) subsection 911A(1) of the Act for the provision of any of the following financial services: