Corporations Regulations 2001
View history note
Hide history note[ CCH Note: Pursuant to the Corporations Amendment Regulations 2001 (No 4) (SR 2001 No 319) effective 11 March 2002, Chapter 7 (Securities) comprising reg 7.1.01 - 7.15.01 and Chapter 8 (The futures industry) comprising reg 8.1.01 - 8.7.03 are replaced by a new Chapter 7 (Financial services and markets) comprising reg 7.1.01 - 7.12.01. As the subject matter of the new Chapter 7 relates to the new financial services reform regime, " inserted " has been used in the history notes for each provision, and all references to the former provisions have been removed.]
For paragraph 765A(1) (y) of the Act, a non-cash payment facility is not a financial product if:
(a) the issuer is:
(i) a body corporate that is an ADI (within the meaning of the Banking Act 1959 ); or
(ii) an operator of a payment system; and
(b) under the facility, as instructed by the client, the issuer makes money available (or causes it to be made available) to a person nominated by the client:
(i) within 2 business days of receiving the client's instruction; or
(ii) within the time reasonably required to complete the transaction subject to any constraints imposed by law; and
(c) under the facility the funds are transferred by electronic means for collection by, or for the credit of, the payer or another person; and
(d) the issuer and the payer do not have a standing arrangement to transfer funds in this manner.
Example
Telegraphic transfers and international money transfers offered by banks and remittance dealers.
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