ASIC Credit (Litigation Funding—Exclusion) Instrument 2020/37 (Cth)

ASIC Credit (Litigation Funding—Exclusion) Instrument 2020/37

About this compilation

Compilation No. 1

This is a compilation of ASIC Credit (Litigation Funding—Exclusion) Instrument 2020/37 as in force on 16 December 2022. It includes any commenced amendment affecting the legislative instrument to that date.

This compilation was prepared by the Australian Securities and Investments Commission.

The notes at the end of this compilation (the endnotes) include information about amending instruments and the amendment history of each amended provision.

Contents

Part 1—Preliminary 1 Name of legislative instrument 3 Authority 4 Definitions Part 2—Exclusion 5 Litigation funding and proof of debt funding arrangements Endnotes Endnote 1—Instrument history Endnote 2—Amendment history

Part 1—Preliminary

1 Name of legislative instrument This is the ASIC Credit (Litigation Funding—Exclusion) Instrument 2020/37.

3 Authority This instrument is made under subsection 6(17) of the National Credit Code.

4 Definitions In this instrument: Code means the National Credit Code. Note: The Code is found in Schedule 1 to the National Consumer Credit Protection Act 2009.

Part 2—Exclusion

5 Litigation funding and proof of debt funding arrangements (1) ASIC excludes from the application of the Code a provision of credit constituted by: (a) an arrangement (a litigation funding arrangement) for participating in, conducting and funding legal proceedings brought by or on behalf of a person or persons; or (b) an arrangement (a proof of debt funding arrangement) for proving claims made by a person or persons under Division 6 of Part 5.6 of the Corporations Act 2001 (including funding of the preparation and lodgment of the proofs). (2) Subsection (1) applies until 31 January 2026.