16Lodging a valid notification for eligible financial services

16 Lodging a valid notification for eligible financial services

(1) The provider’s notification complies with this subsection for an eligible financial service 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 eligible financial service; and (c) if the eligible financial service (the current service) is a product‑type service—no earlier exemption under section 6 has been obtained: (i) for a financial service of the same kind that is wholly or partly related to the kind of financial product that the current service relates to; and (ii) by the provider or by a related body corporate of the provider; and (d) no related body corporate of the provider currently has: (i) an exemption under section 6 for an eligible financial service; or (ii) an exemption under section 6 of the National Consumer Credit Protection (FinTech Sandbox Australian Credit 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 National Consumer Credit Protection (FinTech Sandbox Australian Credit Licence Exemption) Regulations 2020 that includes the matters in subsection 13(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 financial services 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, 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 financial services licensee; or (ii) an authorised representative of a financial services licensee; or (iii) a related body corporate of a person referred to in subparagraph (i) or (ii); the licence number, given under section 913C of the Act, to that licensee; (f) a description of each eligible financial service (including of any related kind of financial product) for which the provider is proposing to use the exemption under section 6; (g) a justification of why exempting each eligible financial service 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 service; (h) a justification of why each eligible financial service covered by paragraph (f): (i) is new; or (ii) is a new adaptation, or new improvement, of another financial service; (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 provision of each eligible financial service covered by paragraph (f), and a description of that role; (j) if the assumption were made that each eligible financial service covered by paragraph (f) is covered by a licence—information for the purposes of ASIC making a decision about whether the requirement in section 913BA 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 20 (about dispute resolution and compensation) for each eligible financial service covered by paragraph (f).