ASIC Corporations (Product Intervention Order—Continuing Credit Contracts) Instrument 2022/648 (Cth)

ASIC Corporations (Product Intervention Order—Continuing Credit Contracts) Instrument 2022/648 I, Greg Yanco, delegate of the Australian Securities and Investments Commission, make the following legislative instrument. Date 13 July 2022

Greg Yanco

Contents

Part 1—Preliminary 1 Name of legislative instrument 2 Commencement 3 Authority 4 Definitions Part 2—Order 5 Continuing credit contracts 6 Application

Part 1—Preliminary

1 Name of legislative instrument This is the ASIC Corporations (Product Intervention Order—Continuing Credit Contracts) Instrument 2022/648.

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 continuing credit provider, has the meaning given by sections 11 and 15 of the Act.

buy now pay later arrangement means an arrangement or series of arrangements comprising:

(a) an arrangement between a person (the merchant) and another person (the retail client) in relation to the supply of goods or services by the merchant to the retail client; and

(b) any of the following:

(i) an arrangement between the merchant and a person (the BNPL provider) in relation to which the BNPL provider pays the merchant some or all of the price for the supply of those goods or services to the retail client;

(ii) an arrangement between the retail client and a person (the BNPL provider) in relation to which, when the retail client is required to pay the merchant for the supply of those goods or services, the retail client pays the merchant some or all of the price by using a credit card or debit card identifier provided or made available by the BNPL provider to the retail client for such a purpose;