Exemptions and declarations under the ePayments Code

ASIC may, by written instruments:

  1. exempt a Code subscriber or a class of subscribers from specific clauses of the Code, or
  2. declare that specific Code clauses apply in a modified way to:
    • a particular transaction or type of transaction
    • a particular facility or class of facility, or
    • a subscriber or class of subscribers.

How can I apply for an exemption or declaration under the Code?

The following table summarises the process for lodging an application for exemptions or declarations under the Code.

Application process for ePayments Code

Format Written application
Submission method By email to applications@asic.gov.au

Address to ePayments Code Applications Officer

Fees No fees
What to include in an application Your application should include:
  • the exemption or declaration being sought
  • the reasons why the exemption or declaration is necessary, including why other options are not practical or more appropriate
  • the reasons why the exemption or declaration should be granted, from:
    • a legal perspective
    • a commercial perspective
    • a policy perspective,
  • any supporting data
  • any suitable limitations or conditions that would be appropriate for the exemption or declaration, and
  • other points we may ask you to address in your application.

Please refer to Regulatory Guide 51 Applications for relief, which sets out ASIC’s general approach to applications for relief.

What happens after an application is lodged?

After your application is received, we will contact you to confirm receipt. Where necessary, we may contact you to ask for more information or to discuss the issues.

The Code requires us to consult with stakeholders about applications. The scope of that consultation will be determined according to the nature of the application.

Before making an exemption or declaration, we will consider:

  • whether the exemption or declaration would be consistent with the objectives of the Code,
  • whether the application of the Code would be inappropriate in the circumstances, and
  • whether the application of the Code would impose unreasonable burdens.

Where the proposed outcome of an application constitutes a regulation, a Regulation Impact Statement (RIS) may need to be prepared and approved by the Office of Best Practice Regulation (OBPR) before the application can be approved. Where a regulatory proposal is minor or technical, a RIS is not needed.

We will work with you throughout the application process. The duration of this process will be influenced by a number of things, including:

  • the complexity of the matter,
  • the time required for the consultation process, and
  • whether a RIS needs to be prepared and approved by OBPR before an exemption or declaration can be made.

We will notify you of the outcome in writing. If your application is successful, you will receive a copy of the instrument after it is executed by an ASIC delegate. If your application is unsuccessful, we will provide you with the reasons for our decision.

What instruments have been issued?

We publish all the instruments we issue under the Code.

View list of instruments

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Last updated: 11/09/2018 03:48