The Australian Securities & Investments Commission has remade its exemptions for low-risk non-cash payment facilities from parts of the financial services licensing regime in the Corporations Act 2001, extending the relief until April 2031. ASIC Corporations (Non-cash Payment Facilities) Instrument 2026/167 continues the previous settings with technical updates only. The remade instrument maintains exemptions for travellers’ cheques from the requirement to provide confirmation of transaction; for loyalty schemes and road toll facilities from the financial services laws; and for prepaid mobile facilities, some non-reloadable gift facilities and low value non-cash payment products from licensing, conduct and disclosure obligations. It also preserves relief so AFS licensees that provide advice about, or arrange for the use of, payment services do not need an authorisation to do so on their AFS licence. ASIC will revisit the need for the instrument once the payments licensing reforms take effect.
Australian Securities & Investments Commission 2026-04-02
Australian Securities & Investments Commission remakes non-cash payment facility exemptions and extends relief to April 2031
The Australian Securities & Investments Commission has remade exemptions for low-risk non-cash payment facilities from parts of the financial services licensing regime in the Corporations Act 2001 until April 2031 via ASIC Corporations (Non-cash Payment Facilities) Instrument 2026/167, making only technical updates. The instrument maintains existing relief for travellers’ cheques, loyalty schemes, road toll facilities, prepaid mobile facilities, certain non-reloadable gift facilities and low value non-cash payment products, and preserves relief for Australian financial services licensees advising on or arranging payment services. ASIC intends to revisit the instrument once payments licensing reforms take effect.