Commonwealth Consolidated Regulations

NATIONAL CONSUMER CREDIT PROTECTION (FINTECH SANDBOX AUSTRALIAN CREDIT LICENCE EXEMPTION) REGULATIONS 2020

- made under the National Consumer Credit Protection Act 2009

TABLE OF PROVISIONS

   PART 1--PRELIMINARY

   1.      Name  
   3.      Authority  
   4.      Simplified outline of this instrument  
   5.      Definitions  

   PART 2--EXEMPTION--FROM CREDIT ACTIVITY LICENSING REQUIREMENTS FOR TESTING IN THE FINTECH SANDBOX

   6.      Exemption for testing eligible credit activities in the FinTech sandbox  
   7.      Duration of the exemption  
   8.      Grounds for ASIC deciding that the exemption is not available  

   PART 3--WHEN--EXEMPTION CEASES BEFORE THE END OF THE TESTING PERIOD

           Division 1--When exemption ceases automatically

   9.      Not meeting certain limits will cause the exemption to cease automatically  
   10.     Exposure limits for exempt credit activities--total limit for all activities etc.  

           Division 2--Other ways exemption can cease

   11.     Exemption ceases because of ASIC decision  
   12.     Exemption ceases if provider notifies ASIC  

   PART 4--REQUIREMENTS--FOR THE EXEMPTION TO EXIST

   13.     Lodging a valid notification for eligible credit activities  

   PART 5--CONDITIONS--FOR THE EXEMPTION

   14.     Condition--notifying all consumers before engaging in an exempt credit activity  
   15.     Condition--notifying consumers while engaging in an exempt credit activity  
   16.     Condition--maintaining certain procedures, memberships and arrangements  
   17.     Condition--other obligations  
   18.     Condition--make - good orders