Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (135 of 2020)

Schedule 1   Enforceable code provisions

National Consumer Credit Protection Act 2009

9   Subsection 5(1)

Insert:

approved code of conduct means a code of conduct approved by ASIC by legislative instrument under section 238A, and includes a replacement code of conduct approved under that section.

code of conduct means a code of conduct that relates to any aspect of the activities of:

(a) licensees; or

(b) credit representatives;

being activities in relation to which ASIC has a regulatory responsibility.

enforceable code provision means a provision of an approved code of conduct identified by ASIC under subsection 238A(2).

mandatory code of conduct means a code of conduct that is declared by regulations under section 238F to be mandatory.

subscriber , in relation to an approved code of conduct:

(a) means a person or entity that agrees, in a way required by the applicant for the code's approval, to be bound by the code; and

(b) if a person or entity no longer agrees to be bound by the code - includes the person or entity during the period that the person or entity did agree to be so bound.