Commonwealth Consolidated Acts Commonwealth Consolidated Acts
Australian Securities and Investments Commission Act 2001
1 After section 243B
Insert:
243C ASIC may publish internal dispute resolution data
(1) ASIC may publish information relating to internal dispute resolution that is:
(a) information given to ASIC under any of the following:
(i) subparagraph 912A(1)(g)(ii) or paragraph 1017G(1)(d) of the Corporations Act 2001 ;
(ii) paragraph 47(1)(ha) of the National Consumer Credit Protection Act 2009 ;
(iii) paragraph 47(1)(c) of the Retirement Savings Accounts Act 1997 ;
(iv) paragraph 101(1)(c) of the Superannuation Industry (Supervision) Act 1993 ; or
(b) information derived from information of a kind referred to in paragraph (a).
(2) Information published under this section may relate to a particular entity, or may be information from which a particular entity may be identified, but must not be personal information within the meaning of the Privacy Act 1988 .
2 Paragraph 912A(1)(g)
Repeal the paragraph, substitute:
(g) if those financial services are provided to persons as retail clients:
(i) have a dispute resolution system complying with subsection (2); and
(ii) give ASIC the information specified in any instrument under subsection (2A); and
3 After subsection 912A(2)
Insert:
(2A) ASIC may, by legislative instrument, specify information that financial services licensees must give ASIC relating to their internal dispute resolution procedures and the operation of their internal dispute resolution procedures.
(2B) An instrument under subsection (2A) must not specify any information that is personal information within the meaning of the Privacy Act 1988 .
4 Subsection 1017G(1)
Repeal the subsection, substitute:
(1) If:
(a) particular financial products are, or have been, available for acquisition (whether by issue or sale) by a person or persons as retail clients; and
(b) the issue or sale of those products is not covered by an Australian financial services licence;
both the issuer, and any regulated person obliged under subsection 1012C(5), (6) or (8) to give a retail client a Product Disclosure Statement for one or more of those financial products, must each:
(c) have a dispute resolution system complying with subsection (2); and
(d) give to ASIC the same information as the issuer or regulated person would be required to give under subparagraph 912A(1)(g)(ii) of that Act if the issuer or regulated person were a financial services licensee.
Note 1: If the issue of particular financial products is covered by an Australian financial services licence, the requirement to have a dispute resolution system relating to the issue of the products is imposed by paragraph 912A(1)(g).
Note 2: Failure to comply with this subsection is an offence (see subsection 1311(1)).
National Consumer Credit Protection Act 2009
5 After paragraph 47(1)(h)
Insert:
(ha) give to ASIC the same information it would be required to give under subparagraph 912A(1)(g)(ii) of the Corporations Act 2001 if it were a financial services licensee (within the meaning of Chapter 7 of that Act); and
Retirement Savings Accounts Act 1997
6 Section 47 (heading)
Repeal the heading, substitute:
7 Subsections 47(1) and (2)
Repeal the subsections, substitute:
(1) An RSA provider:
(b) must have an internal dispute resolution procedure that complies with the standards, and requirements, mentioned in subparagraph 912A(2)(a)(i) of the Corporations Act 2001 in relation to financial services licensees; and
(c) must give to ASIC the same information as the RSA provider would be required to give under subparagraph 912A(1)(g)(ii) of the Corporations Act 2001 if the RSA provider were a financial services licensee; and
(d) must ensure that written reasons are given, in accordance with requirements specified under subsection (2A) of this section, for any decision of the RSA provider (or failure by the RSA provider to make a decision) relating to a complaint.
Note: Part 7.10A of the Corporations Act 2001 , and the Superannuation (Resolution of Complaints) Act 1993 , deal with situations where complaints are not resolved by the RSA provider.
(2) However, paragraphs (1)(a) to (c) do not apply to an RSA provider if the RSA provider is required under the Corporations Act 2001 to have a dispute resolution system complying with subsection 912A(2) or 1017G(2) of that Act.
(2A) ASIC may, by legislative instrument, specify for the purposes of paragraph (1)(d) any or all of the following:
(a) the persons who must be given written reasons;
(b) the matters that must be included in those reasons;
(c) the times by which those reasons must be given;
(d) the circumstances that constitute a failure to make a decision.
Superannuation Industry (Supervision) Act 1993
8 Section 101 (heading)
Repeal the heading, substitute:
101 Dispute resolution systems
9 Subsections 101(1) and (1A)
Repeal the subsections, substitute:
(1) Each trustee of a regulated superannuation fund other than a self managed superannuation fund, or of an approved deposit fund:
(b) must have an internal dispute resolution procedure that complies with the standards, and requirements, mentioned in subparagraph 912A(2)(a)(i) of the Corporations Act 2001 in relation to financial services licensees; and
(c) must give to ASIC the same information as the trustee would be required to give under subparagraph 912A(1)(g)(ii) of the Corporations Act 2001 if the trustee were a financial services licensee; and
(d) must ensure that written reasons are given, in accordance with requirements specified under subsection (1B) of this section, for any decision of the trustee (or failure by the trustee to make a decision) relating to a complaint.
Note: Part 7.10A of the Corporations Act 2001 , and the Superannuation (Resolution of Complaints) Act 1993 , deal with situations where complaints are not resolved by the trustee.
(1A) However, paragraphs (1)(a) to (c) do not apply to a trustee if the trustee is required under the Corporations Act 2001 to have a dispute resolution system complying with subsection 912A(2) or 1017G(2) of that Act.
(1B) ASIC may, by legislative instrument, specify for the purposes of paragraph (1)(d) any or all of the following:
(a) the persons who must be given written reasons;
(b) the matters that must be included in those reasons;
(c) the times by which those reasons must be given;
(d) the circumstances that constitute a failure to make a decision.
10 Transitional provision for giving written reasons
Until the first time an instrument made under subsection 101(1B) of the Superannuation Industry (Supervision) Act 1993 as amended by this Part comes into force, paragraph 101(1)(d) of that Act as so amended has effect as if:
(a) the requirements of paragraphs 101(1)(c) to (e) of that Act as in force immediately before the commencement of this Part were the requirements specified under subsection 101(1B) of that Act as so amended; and
(b) subsection 101(1A) of that Act as in force immediately before that commencement still had effect.
11 Subsection 101(3) (definition of regulated superannuation fund )
Repeal the definition, substitute:
"regulated superannuation fund" includes a scheme covered by paragraph (c) of the definition of regulated superannuation fund in section 761A of the Corporations Act 2001 .