The update concerns credit reporting obligations for credit providers under Australian consumer credit law, which is tangentially related to lending but does not directly regulate lending products, terms, or consumer protections.
Low confidence — requires human review. The update addresses administrative reporting relief for credit accounts but does not substantively regulate consumer lending products or payment-linked credit.
Specialism
The update concerns mandatory credit reporting relief and exemptions from reporting requirements, which relates to regulatory reporting obligations for credit providers, though the content is primarily administrative and lacks direct payment services focus.
Low confidence — requires human review. The amendment modifies relief frameworks and exemptions for credit accounts under consumer credit law, which tangentially relates to customer protection through transparency, but the primary focus is credit regulation rather than payment services compliance.
2026-06-12 08:58:51·kgurnani@vixio.com
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Fair, strong and efficient financial system for all Australians.
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TITLE: Australian Securities and Investments Commission Amends Mandatory Credit Reporting Relief Framework
BODY:
On January 2026, the Australian Securities and Investments Commission (ASIC) amended the mandatory credit reporting relief for credit providers through ASIC Credit (Amendment) Instrument 2026/64. The amendment modifies the relief previously provided under ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541 by introducing an additional category of account that is exempted from reporting requirements.
ASIC assessed that the existing relief is operating effectively and continues to form a necessary part of the legislative framework governing credit reporting. The amendment expands the scope of exempted accounts under Section 133CO of the National Consumer Credit Protection Act 2009, which sets out the definition of an eligible credit account. Subsection 133CO(2) permits ASIC to determine one or more accounts which are not eligible credit accounts, providing the regulatory basis for this relief.
The relief will now sunset on October 1, 2031, extending the framework for five years. This extension follows targeted consultation conducted by ASIC in November and December 2025 with credit providers and industry bodies. Stakeholders supported both the extension of the relief for an additional five-year period and the expansion of its scope to include the additional account categories now introduced.
The amendment reflects ASIC's assessment that the mandatory credit reporting relief continues to serve an important function within Australia's credit regulation framework, while the expanded exemptions address industry feedback regarding account categories that warrant relief from reporting obligations.
REFERENCES:
ASIC Newsroom: ASIC updates mandatory credit reporting relief
https://asic.gov.au/
ASIC updates mandatory credit reporting relief | ASIC Newsroom Print Share Twitter Facebook LinkedIn Email ASIC has amended the mandatory credit reporting relief for credit providers. ASIC Credit (Amendment) Instrument 2026/64 amends the relief provided under ASIC Credit (Mandatory Credit Reporting) Instrument 2021/541 by introducing an additional category of account that is exempted from reporting. We have assessed that the relief is operating effectively and continues to form a necessary part of the legislative framework. The relief will now sunset on 1 October 2031. Consultation and feedback In November and December 2025, ASIC conducted a targeted consultation with credit providers and industry bodies. Stakeholders supported extending the relief for five years and expanding the scope to include additional account categories. Background Section 133CO of the National Consumer Credit Protection Act 2009 sets out the definition of an eligible credit account. Subsection 133CO(2) allows ASIC to determine one or more account which are not eligible credit accounts. ASIC is Australia’s corporate, markets and financial services regulator.