Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) The provider's notification complies with this subsection for an eligible credit activity (the current credit activity ) if:
(a) the notification includes the matters in subsection (2); and
(b) the notification states that the provider is proposing to use the exemption under section 6 for the current credit activity; and
(c) if the provider, or a related body corporate of the provider, has earlier obtained an exemption under section 6 for another eligible credit activity--that other credit activity is not covered by the same item of the table in subsection 6(1) of the Act as the current credit activity; and
(d) no related body corporate of the provider currently has:
(i) an exemption under section 6 for an eligible credit activity; or
(ii) an exemption under section 6 of the Corporations (FinTech Sandbox Australian Financial Services Licence Exemption) Regulations 2020 ; and
(e) no related body corporate of the provider has lodged with ASIC:
(i) a notification under this instrument that includes the matters in subsection (2); or
(ii) a notification under the Corporations (FinTech Sandbox Australian Financial Services Licence Exemption) Regulations 2020 that includes the matters in subsection 16(2) of that instrument;
during the 30 - day period ending on the day the notification referred to in paragraph (a) of this subsection is lodged with ASIC.
Note: A consequence of this subsection is that only one member of a group of related bodies corporate can ever use the exemption to test credit activities at any one time.
(2) The matters to include in the notification are as follows:
(a) the provider's name, address and contact details;
(b) the address of the provider's website (if any);
(c) if the provider is a natural person--the person's date of birth;
(d) if the provider is a body corporate:
(i) the provider's ABN, ACN and ARBN, (within the meaning of the Corporations Act 2001 ) if any; and
(ii) the name and contact details of a contact person who is a natural person who can be contacted in relation to the notice;
(e) if the provider is:
(i) a licensee; or
(ii) a credit representative of a licensee; or
(iii) a related body corporate of a person referred to in subparagraph (i) or (ii);
that licensee's Australian credit licence number;
(f) a description of each eligible credit activity for which the provider is proposing to use the exemption under section 6;
(g) a justification of why exempting each eligible credit activity covered by paragraph (f) will result, or be likely to result, in a benefit to the public that will outweigh the detriment to the public that will result, or be likely to result, from exempting that credit activity;
(h) a justification of why each eligible credit activity covered by paragraph (f):
(i) is new; or
(ii) is a new adaptation, or new improvement, of another credit activity;
(i) the name of any person (including any related body corporate of the provider), other than an employee or director:
(i) of the provider; or
(ii) of any related body corporate of the provider;
whose role includes being responsible for making significant decisions about the ongoing engaging in of each eligible credit activity covered by paragraph (f), and a description of that role;
(j) if the assumption were made that each eligible credit activity covered by paragraph (f) is covered by a licence--information for the purposes of ASIC making a decision about whether the requirement in section 37A of the Act (about the fit and proper person test) would be satisfied in relation to the provider and the licence;
(k) a description of the procedures, memberships and arrangements by which the provider will meet the condition in section 16 (about dispute resolution and compensation) for each eligible credit activity covered by paragraph (f).
Note 1: The same notification may specify 2 eligible credit activities. If it does, each of them will be the subject of a separate exemption under section 6 (assuming the other eligibility criteria are satisfied).
Note 2: Paragraph (j) is relevant for decisions by ASIC under paragraph 8(1)(e).
Note 3: Since paragraph 6(b) requires the notification to be lodged with ASIC in the approved form, the notification must include any information, statements, explanations or other matters required by the form (see section 217 of the Act).