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Submission - Joint submission to the 2007 Review of the Electronic Funds Transfer (EFT) Code of Conduct to ASIC (May 2007)

Q40 – Should cl 6 be reformulated to clarify that the subscribing institution is liable for any failure resulting from equipment malfunction when they have agreed to accept instructions through that equipment?

Clause 6 already appears to clearly cover the situation where institutions are relying on equipment acting on their behalf. The clarification proposed in the ASIC Consultation paper appears unnecessary.

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