1ASIC Corporations (Mortgage Offset Accounts) Instrument 2017/795

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ASIC Corporations (Mortgage Offset Accounts) Instrument 2017/795

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 Licensing exemption for mortgage offset account services

 

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Mortgage Offset Accounts) Instrument 2017/795.

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 paragraph 926A(2)(a) of the Corporations Act 2001.

4 Definitions

In this instrument:

Act means the Corporations Act 2001.

mortgage offset account means a deposit product that is a facility in relation to which either of the following applies:

(a) the amount standing to the credit of the facility from time to time is notionally offset against the balance of a loan entered into by the depositor with the provider of the facility, and interest on the loan is calculated by reference to the notionally-reduced loan balance;

(b) interest payable on a loan entered into by the depositor with the provider of the facility is periodically reduced by an amount that would otherwise accrue as interest or other earnings on the amount standing to the credit of the facility from time to time.

Part 2—Exemption

5 Licensing exemption for mortgage offset account services

A person who provides financial services does not have to comply with subsection 911A(1) of the Act for the provision of any of the following financial services: