Financial Sector Reform (Hayne Royal Commission Response - Breach Reporting and Remediation) Regulations 2021 (F2021L01072)

Schedule 1   Amendments

National Consumer Credit Protection Regulations 2010

13   After regulation 12

Insert:

12A Obligations of licensees - breaches of certain civil penalty provisions not required to be reported to ASIC

For the purposes of paragraph 50A(4)(b) of the Act:

(a) the following civil penalty provisions of the Act are prescribed:

(i) subsection 52(2);

(ii) subsection 53(1);

(iii) subsection 53(4);

(iv) subsection 71(1);

(v) subsection 71(2);

(vi) subsection 71(4);

(vii) subsection 88(1);

(viii) subsection 113(1);

(ix) subsection 120(1);

(x) subsection 124B(1);

(xi) subsection 126(1);

(xii) subsection 127(1);

(xiii) subsection 132(2);

(xiv) subsection 133AC(2);

(xv) subsection 133AD(2);

(xvi) subsection 133AE(2);

(xvii) subsection 133BC(1);

(xviii) subsection 133BD(1);

(xix) subsection 133BFA(2);

(xx) subsection 133BJ(1);

(xxi) subsection 133BU(2);

(xxii) subsection 133CR(1);

(xxiii) subsection 133CR(3);

(xxiv) subsection 133CU(1);

(xxv) subsection 133DC(2);

(xxvi) subsection 133DD(2);

(xxvii) subsection 133DE(1);

(xxviii) subsection 133DE(2);

(xxix) subsection 136(1);

(xxx) subsection 143(1);

(xxxi) subsection 149(1);

(xxxii) subsection 150(1);

(xxxiii) subsection 155(2);

(xxxiv) subsection 158(1);

(xxxv) subsection 160(1);

(xxxvi) subsection 160(2);

(xxxvii) subsection 160B(1);

(xxxviii) subsection 160C(1);

(xxxix) section 238D; and

(b) subsection 174(3) of the Code is prescribed; and

(c) all civil penalty provisions of Commonwealth legislation that is covered by paragraph (d) of the definition of credit legislation in subsection 5(1) of the Act are prescribed.

12B Obligations of licensees - breaches of certain key requirements not required to be reported to ASIC

For the purposes of paragraph 50A(4)(c) of the Act, the key requirements (within the meaning of the Code) contained in the following provisions of the Code are prescribed:

(a) subsection 17(3);

(b) subsection 17(4);

(c) subsection 17(5);

(d) subsection 17(6);

(e) paragraphs 17(8)(a) and (b);

(f) subsection 17(9);

(g) subsection 17(11);

(h) paragraphs 17(15)(a) and (b);

(i) subsection 17(15A);

(j) subsection 34(6);

(k) section 35.