ASIC Corporations (Product Intervention Order—Short Term Credit) Instrument 2019/917 (Cth)

ASIC Corporations (Product Intervention Order—Short Term Credit) Instrument 2019/917 I, Emma Curtis, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 12 September 2019

Emma Curtis

Contents

Part 1—Preliminary 1 Name of legislative instrument 2 Commencement 3 Authority 4 Definitions Part 2—Order 5 Short term credit facilities 6 Application

Part 1—Preliminary

1 Name of legislative instrument This is the ASIC Corporations (Product Intervention Order—Short Term Credit) Instrument 2019/917.

2 Commencement This instrument commences on a day that is the second day after the instrument is registered on the Federal Register of Legislation. Note: The register may be accessed at www.legislation.gov.au.

3 Authority This instrument is made under subsection 1023D(3) of the Corporations Act 2001.

4 Definitions In this instrument: Act means the Corporations Act 2001. associate, in relation to a primary person that is a short term credit provider, has the meaning given by sections 11 and 15 of the Act. collateral contract, in relation to a short term credit facility, means a separate contract between a retail client and a short term credit provider or an associate in relation to the short term credit facility. collateral fees and charges means fees and charges imposed or provided for under a collateral contract. National Credit Code has the same meaning as in subsection 5(1) of the National Consumer Credit Protection Act 2009. short term credit facility means a financial product covered by both: (a) paragraph 12BAA(7)(k) of the ASIC Act; and (b) subsection 6(1) of the National Credit Code. short term credit provider means a person who is purporting to rely on subsection 6(1) of the National Credit Code.

Part 2—Order