ePayments Code Review – consultation on drafting of changes to the Code

Today ASIC published Report 718 Response to submissions on CP 341 Review  of the ePayments Code: Further consultation (REP 718), which highlights the  key issues that arose out of the submissions we received and details our  responses to those issues. A media release and REP 718 are available on  ASIC’s website. 

With the benefit of stakeholders’ feedback, and in line with the responses we  have set out in REP 718, we have prepared draft updates to the Code. 

Inviting your feedback 

We invite you to consider the drafting of the changes we have made to the  Code in the attachment and provide us with feedback by no later than close  of business on Friday, 25 March 2022

Please note that we are asking only for feedback on whether the draft  wording we have used to make the changes is clear and aligns with the  positions we have taken in REP 718. We are not seeking further feedback on  the policy positions, or on other matters that have already been considered in  Consultation Paper 310 Review of the ePayments Code: Scope of the review,  Consultation Paper 341 Review of the ePayments Code: Further consultation  and REP 718. 

Please note that, as the attachment is a draft, there may be formatting issues  or unnumbered clauses. 

Stakeholders we are consulting with 

We are sharing this draft updated Code on a confidential basis with a  targeted range of stakeholders, including small business and consumer  representatives, banking, payments and fintech industry associations, a range  of other industry organisations who have shown interest in ASIC’s review of the  Code and the Australian Financial Complaints Authority.

Next steps 

We will consider the feedback we receive on the technical wording of the  draft changes to the Code before publishing a final version in April 2022. 

Please contact me or my colleague, Matthew Newell, Senior Lawyer, if you  have any concerns or wish to arrange to provide verbal feedback.

Jenny Lyons 

Senior Specialist – Credit and Banking 

Financial Services and Wealth 

Jennifer.Lyons@asic.gov.au Matthew.Newell@asic.gov.au (03) 9280 3356 (07) 3067 4920 

Attachment: Draft updated ePayments Code

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