Treasury Laws Amendment (ALRC Financial Services Interim Report) Regulations 2023 (F2023L01458)

Schedule 1   Main amendments

Part 6   Terms relating to financial services and markets

Corporations Regulations 2001

130   After regulation 1.0.02

Insert:

1.0.02AA Meaning of basic deposit product - prescription of prior notice requirement

(1) This regulation is made for the purposes of subparagraph (d)(ii) of the definition of basic deposit product in section 9 of the Act.

(2) The prior notice requirement for an ADI included in the class of ADIs specified in subregulation (3) is a period of not more than 7 days before a withdrawal or transfer of funds from a facility made available by the ADI.

(3) The class of ADIs is ADIs entitled under the Banking Act 1959 to use any of the following expressions in relation to their financial business:

(a) credit union;

(b) credit society;

(c) credit co-operative;

(d) building society.

1.0.02AB Meaning of prescribed CS facility

For the purposes of the definition of prescribed CS facility in section 9 of the Act, ASX Settlement and Transfer Corporation Pty Limited (also known as 'ASTC') is prescribed.