Consultation Statement 29 Proposal to remake relief instrument for non-cash payment facility exemptions (CS 29)
Submission Date: 31 October 2025
This submission is made by the Financial Services Committee of the Business Law Section of the Law Council of Australia (Committee) in response to CS 29, which was issued by the Australian Securities and Investments Commission (ASIC) on 12 September 2025.
The Committee thanks ASIC for the opportunity to provide feedback on CS 29 and for allowing the Committee some additional time to prepare this submission.
Background
ASIC indicates in CS 29 that it proposes to remake ASIC Corporations (Non-cash Payment Facilities) Instrument 2016/211 (NCPF Instrument) for a period of five years. The NCPF Instrument is due to sunset on 1 April 2026.
ASIC did not provide a draft instrument with CS 29.
ASIC has noted that the NCPF Instrument was originally made in 2016 to consolidate multiple class orders providing relief to low-risk products pending resolution of policy settings for non-cash payment facilities. ASIC has assessed that the NCPF Instrument is operating effectively and efficiently and continues to form a necessary and useful part of the legislative framework.
ASIC also notes that a legislative reform process is currently underway in relation to payments, and ASIC will revisit the new instrument once the reform process concludes.
Last Updated on 11/11/2025
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