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ASIC approves temporary COVID-19 changes to the Banking Code

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ASIC has approved a variation of the Banking Code of Practice (Code).

The variation, as proposed by the Australian Banking Association (ABA), involves the insertion of a ‘Special Note’ into the Code to allow for special application of specified Code provisions until 1 March 2021. The ABA has proposed the variation due to the extraordinary external environment caused by COVID-19.

The ABA has today published the updated version of the Code including the Special Note. The updated Code can be found on the ABA’s website at http://www.ausbanking.org.au.

Background

ASIC approved the Code in December 2019, for commencement on 1 March 2020.

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Regulator Information

Abbreviation: ASIC
Jurisdiction: Australia

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