Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For the purposes of paragraph 110(1)(a) of the Act, this regulation applies in relation to a securitisation entity if:
(a) it engages in a credit activity; and
(b) it is party to a servicing agreement; and
(ca) it is a member of the AFCA scheme; and
(d) if it is a body corporate--no director or secretary of the body corporate is an inappropriate person; and
(e) if it is a trust--no trustee of the trust is an inappropriate person.
(2) The securitisation entity is exempted from:
(a) section 29 of the Act; and
(b) definitions in the Act, as they apply to references in the provision mentioned in paragraph (a); and
(c) instruments made for the purpose of any of the provisions mentioned in paragraphs (a) and (b).
Note: Section 29 of the Act provides that a person must not engage in a credit activity if the person does not hold a licence authorising the person to engage in the credit activity.
(3) The securitisation entity is exempted only to the extent that it is engaging in the specified credit activity.
Note 1: If the securitisation entity also engages in a credit activity that is not the subject of an exemption under the Act or the Transitional Act, it is not exempted in relation to that credit activity.
Note 2: Under subsection 109(3) of the Act, ASIC may declare that instruments made under Chapter 2 of the Act apply in relation to a credit activity (other than an exempt credit activity in relation to a specified credit contract, mortgage, guarantee or consumer lease), or a class of persons or credit activities as if specified provisions were omitted, modified or varied as specified in the declaration.
(4) This regulation ceases to apply in relation to the securitisation entity and does not again apply in relation to the entity (subject to subregulation (6)) if:
(a) the entity is a party to a complaint under the AFCA scheme (other than a superannuation complaint within the meaning of the Corporations Act 2001 ); and
(b) ASIC is satisfied that the entity has failed to comply with subregulation (5) in relation to the complaint; and
(c) ASIC gives the entity written notice that it is so satisfied; and
(d) 28 days have passed since the notice was given.
Note: For provisions relating to superannuation complaints, see Division 3 of Part 7.10A of the Corporations Act 2001 .
(5) For the purposes of paragraph (4)(b), the securitisation entity must take reasonable steps to cooperate with AFCA in resolving the complaint, including by:
(a) giving reasonable assistance to AFCA in resolving the complaint; and
(b) identifying, locating and providing to AFCA any documents and information that AFCA reasonably requires for the purposes of resolving the complaint; and
(c) giving effect to any determination made by AFCA in relation to the complaint.
(6) For the purposes of paragraph 327(1)(i) of the Act, an application may be made to the Administrative Review Tribunal for review of a decision of ASIC under subregulation (4).
Note: For notice requirements relating to reviewable decisions, see section 328 of the Act.