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 published the updated version of the Code including the Special Note. The updated Code can be found on the ABA’s website.

Background

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

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