Note: See the Explanatory Memorandum to the National Consumer Credit Protection Bill 2009 ( Explanatory Memorandum ) at paras 3.11 and 3.16. RG 209.2. The primary outcome sought by these obligations is to minimise the risk that consumers: (a) enter.
RG 209 Credit licensing: Responsible lending conduct Issued 9 December 2019. This is a guide for credit licensees and credit applicants.
Explanatory Memorandum and additional risks for small amount credit contracts RG 209.1, RG 209.13– RG 209.17 . Existing guidance moved and additional guidance included for other products : RG 209.14–RG 209.15 . ASIC’s general approach for administering guidance : RG 209.18–RG 209.25 . Our general approach to administering the …
Explanatory Memorandum to the bill. The current iteration of RG 209 already identifies particular inquiries and verification steps that a licensee is required to take. ASIC reiterating those inquiries and verification steps, or saying that licensees must take certain steps, would mean that licensees are more, 4/18/2018 · ASIC has said that it will rewrite RG209 (the guidance on responsible lending), but it appears likely that this rewrite may be delayed until we hear the outcomes from the Royal Commission and ASIC’s case against Westpac. The world has certainly moved since the statement in the explanatory memorandum to the legislation: “[Lenders] must make …
6/29/2009 · Outline of chapter. 1.1 Chapter 1 of this explanatory memorandum outlines the preliminary provisions, dictionary and application provisions established in Chapter 1 of the National Consumer Credit Protection Bill 2009 (Credit Bill).. Context of new law. 1.2 At its meeting on 2 October 2008, the Council of Australian Governments (COAG) agreed that the Commonwealth would assume responsibility …
In the absence of a hard definition, ASIC appears to have leant on a combination of some clues in the Explanatory Memorandum to the amendment bill, as well as its existing approach to financial planners. … QED has said before that we don’t believe that either the new RG209 nor the best interest obligation represents anything new.
Regulatory guides Regulatory guides give guidance to regulated entities by: explaining when and how ASIC will exercise specific powers under legislation (primarily the Corporations Act)
