Submission - Joint submission to the 2007 Review of the Electronic Funds Transfer (EFT) Code of Conduct to ASIC (May 2007)
Q65 – Should the EFT Code allow its requirements to be modified in certain circumstances? If so, what modification powers should be included and how should they be administered?
A general modification power should be retained in order to manage any necessary changes during the long periods between reviews. The current modification powers are very specific and are unlikely to be useful. A carefully drafted general power that included requirements for stakeholder consultation and procedural fairness would be more appropriate. It is unlikely to be widely used.