The ASIC Credit (Amendment) Instrument 2020/963 has been registered. It amends the ASIC Credit (Deferral of Mortgage Broker Obligations) Instrument 2020/487 so that it applies in relation to a credit service provided before 1 January 2021, irrespective of when the benefit is given.
The ASIC Credit (Deferral of Mortgage Broker Obligations) Instrument 2020/487 provides a temporary exemption until 1 January 2021 from (among other matters) the ban on mortgage brokers giving or accepting conflicted remuneration under the National Consumer Credit Protection Act 2009 (Cth). Background.
The application of the exemption under the original Instrument depended on when the benefit was given rather than on when the credit service was provided. The Amendment Instrument clarifies that it also extends to a credit service provided before 1 January 2021 (irrespective of when the benefit is given).
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Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.