Released 6 June 2001. Comment closed 5 July 2001.

This paper sets out how ASIC proposes to approach its discretion to approve codes of conduct under 1101A of the Financial Services Reform Bill 2001 (the Bill).

The paper provides:

• an outline of ASIC’s codes approval power, including what we will treat as a code, and the circumstances in which approval can be sought (Section A);
• details of the statutory criteria for code approval, and how ASIC proposes to interpret and apply these criteria (Section B);
• details of other criteria that ASIC will consider when approving a code, and how ASIC proposes to interpret and apply these criteria (Section C);
• information on how to meet the statutory and other criteria in the case of a new code, an already operating but unapproved code, and an amended code that had previously been approved (Section D);
• information on retaining approved status and on when code approvals will be revoked (Section E); and
• a brief description of the regulatory framework within which codes sit (Section F).

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