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REP 718 follows the release in May 2021 of Consultation Paper 341 Review of the ePayments Code: Further consultation (), which sought feedback on proposed updates to the Code.ASIC's review, which will be reflected in an updated Code published later in 2022, is intended to provide clarity (and remove ambiguity) in specific areas, as well as enhancements to some of the existing protections.
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Published 2 June 2022 ASIC has today published the updated ePayments Code (the Code) to provide enhancements to and clarity on a number of existing protections for consumers. In addition to extending the Code to cover payments made using the New Payments Platform, ASIC has also updated the following areas of the Code:
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Cassandra Siciliano | July 18, 2022 An updated ePayments Code (the Code) was published by the Australian Securities & Investments Commission (ASIC) on 2 June 2022. The transition period for compliance with the updated version of the Code commences the day of publication and ends 2 June 2023.
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The ePayments Code ( Code) is a voluntary code of practice that regulates electronic payments including automatic teller machine ( ATM) transactions, online payments, EFTPOS transactions, credit/debit card transactions and internet and mobile banking. ASIC is responsible for both administering and reviewing the Code.
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On 2 June 2022, ASIC published the updated ePayments Code (Code) which it states will strengthen and clarify a number of existing protections for consumers relating to various forms of electronic payments.
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Mar 8, 2022 - 2.44pm.. The ePayments code creates licensing, conduct and disclosure obligations for those conducting electronic payments, including via credit and debit card transactions, and.
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ePayments Code: Further consultation . March 2022 . About this report This report highlights the key issues that arose out of the submissions received on Consultation Paper 341 Review of the ePayments Code: Further consultation (CP 341) and details our responses to those issues.
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24 March 2022 Ms Jennifer Lyons Financial Services and Wealth Australian Securities and Investment Commission Level 7, 120 Collins Street Melbourne VIC 3000 via email: [email protected] Dear Ms Lyons Review of the ePayments code. Thank you for the opportunity to review the wording of the ePayments code (the Code) in its draft
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The ePayments Code reforms modernise the payments architecture to address a range of issues and technologies that have emerged in recent years - for example, the use of virtual credit card details generated through mobile and banking apps, which ASIC considers to be another payment 'device'.
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March 28, 2022 ASIC has released a report on updates to the ePayments Code ('the Code') after consultation with a number of stakeholders last year, including the banking industry, industry associations, consumer and small business representatives, fintechs, government agencies and regulators. Key points
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In brief. On 2 June 2022, ASIC published the updated ePayments Code (Code) which it states will strengthen and clarify a number of existing protections for consumers relating to various forms of.
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Published 7 March 2022 ASIC has today published a report, Report 718: Response to submissions on CP 341 Review of the ePayments Code: Further consultation (REP 718), on updates to the ePayments Code (the Code).
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The ePayments Code was released on 20 September 2011 (see media release 11-205MR) and last updated on 2 June 2022 (see media release 22-125MR ). What is the ePayments Code? Who is bound by the Code? What does it mean for consumers? Exemptions and declarations under the Code Instruments issued under the ePayments Code Monitoring and surveillance
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On 2 June 2022, ASIC modified the ePayments Code so that it now covers payments made using the New Payments Platform. It also made a number of other changes in relation to compliance monitoring and data collection, mistaken internet payments, unauthorised transactions, complaints handling and facility expiry dates.
ASIC updates ePayments Code to further protect consumers
ASIC is undertaking a further round of consultation in connection with its review of the ePayments Code. Back in March 2019, ASIC issued a Consultation Paper 310 (review of the ePayments Code).. As of December 2022, employers have had a positive duty under the Sex Discrimination Act 1984 (Cth) ("SDA") to take proactive measures to eliminate.
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Australia: ePayments Code - User beware - Getting scammed not a mistake. On 2 June 2022, ASIC published the updated ePayments Code (Code) which it states will strengthen and clarify a number of existing protections for consumers relating to various forms of electronic payments. The Code has generally been the benchmark for consumer protections.