Frequently asked questions about financial services regulation QFS 132 Is a bill of exchange a financial product?

We consider that a bill of exchange, including a bank bill, issued on ordinary commercial terms, is generally not a financial product for the purposes of the Corporations Act 2001 (Corporations Act). A bill of exchange is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand, or at a fixed or determinable future time, a certain sum in money to, or to the order of, a specified person or to the bearer. A bank bill is a discounted bank-accepted bill of exchange.

Generally, we take the view that a bill of exchange falls within the exclusion for credit facilities: reg 7.1.06(a). A credit facility is not a financial product for the purposes of the Corporations Act, but it may be a financial product for the purposes of the Australian Securities and Investments Commission Act 2001 (ASIC Act) so that the consumer protection provisions of the ASIC Act may apply. However, some bills of ... more.

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