Commonwealth Consolidated Regulations Commonwealth Consolidated Regulationsmade under the
National Consumer Credit Protection Act 2009
Compilation No. 3
Compilation date: 14 October 2024
Includes amendments: F2024L01299
About this compilation
This compilation
This is a compilation of the National Consumer Credit Protection (FinTech Sandbox Australian Credit Licence Exemption) Regulations 2020 that shows the text of the law as amended and in force on 14 October 2024 (the compilation date).
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
Modifications
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.
Self-repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
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
Endnotes
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1--About the endnotes
Endnote 2--Abbreviation key
Endnote 3--Legislation history
Endnote 4--Amendment history
Abbreviation key--Endnote 2
The abbreviation key sets out abbreviations that may be used in the endnotes.
Legislation history and amendment history--Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.
Editorial changes
The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.
If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.
Misdescribed amendments
A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.
If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and "(md not incorp)" is added to the amendment history.
ad = added or inserted | o = order(s) |
am = amended | Ord = Ordinance |
amdt = amendment | orig = original |
c = clause(s) | par = paragraph(s)/subparagraph(s) |
C[x] = Compilation No. x | /sub-subparagraph(s) |
Ch = Chapter(s) | pres = present |
def = definition(s) | prev = previous |
Dict = Dictionary | (prev ... ) = previously |
disallowed = disallowed by Parliament | Pt = Part(s) |
Div = Division(s) | r = regulation(s)/rule(s) |
ed = editorial change | reloc = relocated |
exp = expires/expired or ceases/ceased to have | renum = renumbered |
effect | rep = repealed |
F = Federal Register of Legislation | rs = repealed and substituted |
gaz = gazette | s = section(s)/subsection(s) |
LA = Legislation Act 2003 | Sch = Schedule(s) |
Sdiv = Subdivision(s) | |
(md) = misdescribed amendment can be given | SLI = Select Legislative Instrument |
effect | SR = Statutory Rules |
(md not incorp) = misdescribed amendment | Sub-Ch = Sub-Chapter(s) |
cannot be given effect | SubPt = Subpart(s) |
mod = modified/modification | underlining = whole or part not |
No. = Number(s) | commenced or to be commenced |
Endnote 3--Legislation history
Name | Registration | Commencement | Application, saving and transitional provisions |
2 June 2020 (F2020L00635) | 1 Sept 2020 (s 2(1) item 1) |
| |
Bankruptcy and Other Legislation Amendment (Repeal and Consequential Amendments) Regulations 2021 | 19 Mar 2021 (F2021L00260) | Sch 1 (item 2): 1 Apr 2021 (s 2(1) item 1) | -- |
Treasury Laws Amendment (ALRC Financial Services Interim Report) Regulations 2023 | 31 Oct 2023 (F2023L01458) | Sch 2 (items 33, 34): 1 Nov 2023 (s 2(1) item 1) | -- |
Administrative Review Tribunal Legislation Consequential Amendments (2024 Measures No. 1) Regulations 2024 | 11 Oct 2024 (F2024L01299) | Sch 13 (items 1-3): 14 Oct 2024 (s 2(1) item 1) | -- |
Provision affected | How affected |
Part 1 |
|
s 2..................... | rep LA s 48D |
s 5..................... | am F2021L00260 |
Part 2 |
|
s 8..................... | am F2024L01299 |
Part 3 |
|
Division 1 |
|
s 10.................... | am F2023L01458 |
Division 2 |
|
s 11.................... | am F2024L01299 |
Part 5 |
|
s 18.................... | am F2024L01299 |