Announcement date
2 June 2022
Link to announcement
https://asic.gov.au/about-asic/news-centre/find-a-media-release/2022-releases/22-125mr-asic-releases-updated-epayments-code/
Problem being addressed
The Australian Securities and Investments Commission (ASIC) conducted a review of the ePayments Code (the Code) to ensure relevance and efficiency.
Proposal
Following ASIC’s review, a number of amendments to the Code have been made. In addition to extending the Code to cover payments made using the New Payments Platform, ASIC has also updated the following areas of the Code:
- compliance monitoring and data collection;
- mistaken internet payments;
- unauthorised transactions;
- complaints handling; and
- facility expiry dates.
Assessed RIS outcome
Certification Letter
Assessment Comments
Consistent with the Government's Regulation Impact Statement (RIS) requirements, the review of ePayments Code has been certified by ASIC as meeting the requirements of a RIS. The Office of Best Practice Regulation (OBPR) does not assess the quality of independent reviews and RIS-like documents used in lieu of a RIS, but does assess whether the options analysed in the independent review are relevant to the regulatory proposal. The OBPR assessed that the options analysed in the independent review are sufficiently relevant to the regulatory proposal.
Regulatory Burden
ASIC has provided estimates of the regulatory costs of the changes to the Code in Attachment A - Regulatory Costs Estimates Table.
Please note: any accessibility enquiries should be directed to the Treasury.