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ASIC Class Order [CO 10/746]

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Australian Securities and Investments Commission
National Consumer Credit Protection Act 2009 — Paragraph 109(3)(d) — Declaration
 
 
Enabling provision
 
1.       The Australian Securities and Investments Commission (ASIC) makes this instrument under paragraph 109(3)(d) of the National Consumer Credit Protection Act 2009 (the Act).
 
Title
 
2.       This instrument is ASIC Class Order [CO 10/746].
 
Commencement
 
3.       The provisions of this instrument commence as follows:
 
(a)     sub-subparagraph 4(b)(i) commences on the day this instrument is registered under the Legislative Instruments Act 2003; and
 
(b)     all other provisions commence on 1 July 2010.
 
Note:    An instrument is registered when it is recorded on the Federal Register of Legislative Instruments (FRLI) in electronic form: see Legislative Instruments Act 2003, s 4 (definition of register).  The FRLI may be accessed at http://www.frli.gov.au/.
 
Declaration  
 
4.       ASIC declares that the provisions to which Part 2-6 of the Act applies apply in relation to all persons as if regulation 8 of the National Consumer Credit Protection Regulations 2010 were modified or varied as follows:
 
(a)     in paragraph (1)(b) omit “is authorised to engage under a law of a State or Territory;”, substitute “was, immediately before 1 July 2010, authorised to engage under a law of a State or Territory;”;
 
(b)     in subregulation (2):
 
(i)      in paragraph (a) omit “licence;”, substitute “licence before 1 January 2011;”;
 
(ii)     in paragraph (b) omit “are authorised to engage in credit activities under a law of a State or Territory;”, substitute “were, immediately before 1 July 2010, authorised to engage in credit activities under a law of a State or Territory;”;
 
(iii)     in subparagraph (c)(i) omit “are required”, substitute “were required”;
 
(iv)    in subparagraph (c)(ii) omit “are not required”, substitute “were not required”;
 
(v)     in paragraph (d) omit “may be”, substitute “may have been”;
 
(c)     in subregulation (3) omit “was authorised to engage in under a law of a State or Territory;”, substitute “was, immediately before 1 July 2010, authorised to engage under a law of a State or Territory;”;
 
(d)     omit paragraph (4)(b), substitute:
 
“(b)   were, immediately before 1 July 2010, authorised to engage in credit activities under a law of a State or Territory that:
 
(i)      required the person to demonstrate that the person was a fit and proper person (however described); or
 
(ii)      deemed the person to be ineligible to engage in credit activities if the person was not a fit and proper person (however described).”.
 
Note:         The declaration in this instrument ensures that subregulations 8(1) to (4) of the National Consumer Credit Protection Regulations 2010 have the effect that they would have had but for some drafting anomalies.  As a result of those anomalies, those subregulations might not have had any operation as a practical matter.
 
 
Dated this 19th day of August 2010
 
 
 
 
Signed by Stephen Yen PSM
as a delegate of the Australian Securities and Investments Commission