1. Interaction and relationship with the NCCP Act
In terms of Zagga Market’s general conduct obligations under its ACL, the National Consumer Credit Protection Act 2009 (Cth) (NCCP Act) states that:
• It must have adequate arrangements and systems to ensure compliance with all of its obligations, and a written plan that documents those arrangements and systems (section 47(1)(k)). (The written plan is Zagga’s ACL and AFSL Compliance Plan, including Risk Management Frameworks [link] (ACL and AFSL Compliance Plan).)
• It must have available adequate technological resources to engage in the credit activities authorised by the licence and have adequate risk management systems (section 47(1)(l)).
In accordance with Regulatory Guide 205: Credit licensing: General conduct obligations (RG205), whether Zagga Market’s technological resources are adequate will
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(RG 205.110)
Our ACL and AFSL Compliance Plan, aided by this Information Security Policy, ensures that Zagga Market complies with its general conduct obligations relating to technological resources and the management of the risks related to them.
Adequacy of technological resources
Zagga Market is required to regularly review the adequacy of its technological resources. In the review, it will follow the guidance in RG 205, as set out in Annexure A.
2. Interaction and relationship with the Corporations Act
In terms of Zagga Investments’ general conduct obligations under its AFSL, the Corporations Act 2001 (Cth) (Corporations Act) states that:
• It must have (among other things) adequate technological resources to provide the financial services covered by its licence and to carry out supervisory arrangements (s912A(1)(d)).
• It must establish and maintain adequate risk management systems (s912A(1)(h)). (This is covered by Zagga’s ACL and AFSL Compliance
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Basically, a debtor and creditor agreement or consumer-credit agreement is regulated by the Consumer Credit Act 1974. It may be either (1) a restricted-use credit agreement to finance a transaction between the debtor and a supplier in which there are no arrangements between the creditor and the supplier. For instance, when a loan is paid by the creditor direct to a dealer who is to supply the debtor (2) a restricted-use credit agreement to refinance any existing indebtedness of the debtor's to the creditor or any other person (3) an unrestricted-use credit agreement such as a straight loan of money that is not made by the creditor under arrangements with a supplier in the knowledge that the credit