Commonwealth Numbered Regulations

CORPORATIONS (FINTECH SANDBOX AUSTRALIAN FINANCIAL SERVICES LICENCE EXEMPTION) REGULATIONS 2020 (F2020L00632)

TABLE OF PROVISIONS

   PART 1--PRELIMINARY

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

   PART 2--EXEMPTION FROM FINANCIAL SERVICES LICENSING REQUIREMENTS FOR TESTING IN THE FINTECH SANDBOX

   6.      Exemption for testing eligible financial services 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.     Exempt financial services that can be provided to wholesale clients  
   11.     Exempt financial services that can be provided to retail clients  
   12.     Exposure limits for exempt financial services--total limit for products for each retail client  
   13.     Exposure limits for exempt financial services--total limit for all services etc.  

           Division 2--Other ways exemption can cease

   14.     Exemption ceases because of ASIC decision  
   15.     Exemption ceases if provider notifies ASIC  

   PART 4--REQUIREMENTS FOR THE EXEMPTION TO EXIST

   16.     Lodging a valid notification for eligible financial services  

   PART 5--CONDITIONS FOR THE EXEMPTION

   17.     Condition--notifying all clients before providing an exempt financial service  
   18.     Condition--notifying retail clients before providing an exempt financial service  
   19.     Condition--notifying clients while providing an exempt financial service  
   20.     Condition--maintaining certain procedures, memberships and arrangements  
   21.     Condition--statements of advice  
   22.     Condition--client money obligations  
   23.     Condition--financial product disclosure  
   24.     Condition--make-good orders  

   PART 6--RELATED MATTERS

   25.     Exempt intermediaries for CSF offers