The Treasury Laws Amendment (Time-Limiting Exemptions) Regulations 2025 (Cth) have been registered to specify a time limit for certain exemptions relating to the financial sector.
These exemptions are contained in the Corporations Regulations 2001 and the National Consumer Credit Protection Regulations 2010.
There is no time limit on these exemptions currently as they are not subject to “sunsetting”.
Treasury intends to review these exemptions before the time-limiting date to consider whether their operation should be extended.
For example, Regulation 7.8.21A of the Corporations Regulations exempts from the hawking prohibition certain types of offers, requests and invitations, including a customer-initiated offer, request or invitation relating to a basic banking product or certain term deposits with a maximum term of five years.
The exemption also applies to certain offers or invitations in relation to a financial product in circumstances where the consumer is expected to have enough knowledge to adequately assess the features and benefits of the financial product or where another regime already provides adequate consumer protection.
The new Regulations provide that the exemptions from the prohibition on hawking ceases on 31 December 2027.
The changes that affect the Credit Regulations include the exemption for a financial counselling agency to hold a credit licence in subregulations 20(5) and (5A) of the Credit Regulations. The exemption will now ceases on 1 January 2033, which is approximately 10 years from the commencement of the exemption.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
