Treasury Laws Amendment (Rationalising ASIC Instruments) Regulations 2022 (F2022L01629)

Schedule 1   Licensing exemptions for financial counselling agencies and financial capability service providers

Corporations Regulations 2001

2   Subregulation 7.6.01(7)

Insert:

financial capability service means a financial literacy and capacity building service provided mainly to improve the financial knowledge and skills of persons.

financial capability service provider means a body that is funded wholly or partly by the Commonwealth to provide a financial capability service.

financial counselling agency means a person that provides a financial counselling service.

financial counselling association means each of the following:

(a) Financial Counselling Australia Ltd;

(b) Financial Counsellors Association of New South Wales Inc;

(c) Financial Counselling Victoria Inc;

(d) Financial Counsellors Association of Queensland Inc.;

(e) Financial Counsellors Association of Western Australia Inc;

(f) The South Australian Financial Counsellors' Association Incorporated;

(g) Financial Counselling Tasmania Inc.;

(h) Financial Counsellors ACT.

financial counselling service means a counselling and advocacy service provided mainly for the purposes of assisting individuals or small businesses who are in financial difficulty to resolve their problems.

small business means a business with less than 100 employees.