ASIC Corporations (AFCA Regulatory Requirement) Instrument 2020/0433

This is the ASIC Corporations (AFCA Regulatory Requirement) Instrument 2020/0433.

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.

This instrument is made under paragraph 1052A(a) of the Corporations Act 2001.

In this instrument:

Act means the Corporations Act 2001.

AFCA means the operator of the AFCA scheme.

AFCA scheme means the external dispute resolution scheme for which an authorisation under Part 7.10A of the Act is in force.

scheme rules means the Australian Financial Complaints Authority (AFCA) Complaint Resolution Scheme Rules.

Part 2-Regulatory requirement

AFCA is required to ensure it complies with the conditions of sections 10 and 11 of the AFCA Scheme Authorisation 2018 by amending the scheme rules on or before 13 May 2020, without consultation, to include provisions consistent with subsections 10(2), (3), (4) (5) and (6) and subsections 11(2), (3), (4) and (5) of the AFCA Scheme Authorisation 2018.

Note 1: The AFCA Scheme Authorisation 2018 is registered as a notifiable instrument on the Federal Register of Legislation. The register may be accessed at www.legislation.gov.au

Note 2: This requirement does not affect the requirement in s1051(5)(b) of the Act that ASIC approve material changes to the AFCA scheme.