ASIC is seeking feedback on its proposal to remake a legislative instrument that provides exemptions for certain low risk non-cash payment facilities from all or part of the financial services regime in the Corporations Act 2001 (the Act).
ASIC is proposing to remake ASIC Corporations (Non-cash Payment Facilities) Instrument 2016/211 (ASIC Instrument 2016/211) as it is due to sunset on 1 April 2026.
ASIC has assessed that this instrument is operating effectively and efficiently and continues to form a necessary and useful part of the legislative framework.
We propose to remake ASIC Instrument 2016/211 for a period of five years. The proposed new instrument is intended to maintain existing relief so that its ongoing effect is preserved without any disruption to the entities that rely on it.
The instrument was originally made in 2016 to consolidate multiple class orders providing relief to low-risk products pending resolution of policy settings for non-cash payment facilities. A legislative reform process is currently underway in relation to payments, and ASIC will revisit this instrument once the reform process concludes.
Providing feedback
Please send your feedback to rri.consultation@asic.gov.au by 5 pm AEDT on 8 October 2025.
Refer to CS 29 Proposal to remake relief instrument for non-cash payment facility exemptions
Background
Under the Legislation Act 2003, legislative instruments are repealed, or ‘sunset’, after 10 years, unless ASIC acts to preserve them.
ASIC Instrument 2016/211 provides relief for the following types of non-cash payment products:
- travellers’ cheques, which are exempt from the requirement to provide confirmation of transaction under the Act
- loyalty schemes and road toll facilities, which are not subject to the financial services laws in the Act
- prepaid mobile facilities and some non-reloadable gift facilities, which are exempt from the licensing, conduct, and disclosure obligations in the Act, and
- low value payments products, which are exempt from the licensing, conduct, and disclosure obligations in the Act but subject to alternative disclosure and dispute resolution obligations.
The relief for low value non-cash payment facilities is conditional on the provider meeting separate disclosure and other obligations.
Relief is also provided so that AFS licensees who provide advice about or arrange for use of payment services do not need to hold an authorisation to do so on their AFS licence.
Related information
- CS 29 Proposal to remake relief instrument for non-cash payment facility exemptions
- ASIC Corporations (Non-cash Payment Facilities) Instrument 2016/211
