ASIC has released a redrafted Electronic Funds Transfer Code of Conduct (to be renamed the EPayments Code) for comment on drafting issues.
The redrafted Code incorporates changes made as a result of the recent review of the Code. ASIC is not consulting on policy issues relating to the Code.
ASIC has:
• adopted a new structure and new defined terms for the Code;
• redrafted the Code in plain English;
• tailored the Code for low value facilities; and
• included a mistaken internet payments regime.
ASIC proposes to allow a 12-month transition period to the commencement of the revised Code.
