ASIC Corporations (AFCA Regulatory Requirement) Instrument 2024/60 (Cth)

ASIC Corporations (AFCA Regulatory Requirement) Instrument 2024/60 I, Greg Yanco, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 28 February 2024

Greg Yanco

Contents

Part 1—Preliminary 1 Name of legislative instrument 2 Commencement 3 Authority 4 Definitions Part 2—Regulatory Requirement 5 Requirement to amend scheme rules

Part 1—Preliminary

1 Name of legislative instrument This is the ASIC Corporations (AFCA Regulatory Requirement) Instrument 2024/60.

2 Commencement 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.

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

4 Definitions 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

5 Requirement to amend scheme rules (1) AFCA is required to ensure it complies with the condition of section 9A of the AFCA Scheme Authorisation 2018 by amending the scheme rules, without consultation, to include provisions consistent with subsections 9A(1), (2) and (3) 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.