ASIC has remade a legislative instrument that provides exemptions for low-risk non-cash payment facilities from different aspects of the financial services licensing regime in the Corporations Act 2001 (the Act).
ASIC Corporations (Non-cash Payment Facilities) Instrument 2026/167 (ASIC Instrument 2026/167) extends the relief previously provided by ASIC Corporations (Non-cash Payment Facilities) Instrument 2016/211 until April 2031.
ASIC assessed that the instrument was operating effectively and efficiently and continued to form a necessary and useful part of the legislative framework. We will revisit the need for this instrument once the payments licensing reforms take effect.
Background
ASIC invited feedback on our proposal to remake the instrument in October 2025. Given the ongoing process of payments licensing reforms to modernise the regulatory framework for payment service providers, we made technical updates and did not change the operation of the relief.
ASIC Instrument 2026/167 remakes the relief for the following non-cash payment products:
- travellers’ cheques, which are exempt from the requirement to provide confirmation of transaction
- loyalty schemes and road toll facilities, which are not subject to the financial services laws
- prepaid mobile facilities and some non-reloadable gift facilities, which are exempt from the licensing, conduct, and disclosure obligations, and
- low value non-cash payments products, which are exempt from the licensing, conduct, and disclosure 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 links
- ASIC Corporations (Non-cash Payment Facilities) Instrument 2026/167
- ASIC proposes to remake relief instrument for non-cash payment facility exemptions
- CS 29 Proposal to remake relief instrument for non-cash payment facility exemptions
ASIC is Australia’s corporate, markets and financial services regulator.