Regulation Impact Statement Updates

Official website for publishing regulatory impact analysis information for regulatory decisions announced by the Australian Government, COAG and COAG Councils.

Remaking of Sunsetting Instruments Without Amendments

Aust Gov
30th October 2017

Australian Securities and Investments Commission

The Australian Securities and Investments Commission remade, without significant amendment, the ASIC Class Order CO 03/1063, ASIC Class Order CO 11/926, and ASIC Credit (Financial Counselling Agencies) Instrument 2015/992.

ASIC CO 03/1063 exempted financial counselling agencies from the requirement to hold an Australian financial services licence when providing certain types of financial product advice as part of their financial counselling service subject to a range of conditions.

ASIC CO 11/926 provided that a rural financial counsellor does not need to hold an Australian credit licence (credit licence) to provide credit assistance in the context of a rural financial counselling service.

ASIC Credit (Financial Counselling Agencies) Instrument 2015/992 allowed financial counsellors to receive a service fee that is payable by the Commonwealth or a state or territory and still rely on the credit licence exemption in reg 20(5) of the National Consumer Credit Protection Regulations 2010.

In line with the Australian Government best practice regulation requirements for sunsetting legislative instruments, ASIC has assessed the operation of these instruments in consultation with affected stakeholders and has certified that the instruments are operating efficiently and effectively.

Therefore the Office of Best Practice Regulation notes that a Regulation Impact Statement is not required for the Regulations to be remade.

As the instruments were remade without significant amendments there are no compliance cost changes.

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