6Exemption for testing eligible financial services in the FinTech sandbox

6 Exemption for testing eligible financial services in the FinTech sandbox

(1) For the purposes of paragraph 926B(1)(a) of the Act, a person (the provider) is exempt from subsection 911A(1) of the Act for providing an eligible financial service during the period referred to in section 7 of this instrument if: (a) the provider is an eligible person for the eligible financial service; and (b) the provider has lodged with ASIC in the prescribed form a notification that complies with subsection 16(1) of this instrument for the eligible financial service; and (c) the 30‑day period starting on the day the notification was so lodged has ended without ASIC giving the provider written notice of a decision under section 8 of this instrument (about the exemption not being available) relating to the notification.

Note 1: The exemption will also not be available if the provider has already been exempt for providing that kind of financial service for the same kind of financial product (see paragraph (b) and paragraph 16(1)(c)).

Note 2: The provider will automatically cease to be exempt if the provider becomes licensed to provide the eligible financial service, or otherwise ceases to be an eligible person for the eligible financial service (see the definition of eligible person in section 5).

(2) For an eligible financial service relating to an insurance product, subsection (1) applies to the provision of the service whether as principal or agent. Otherwise, subsection (1) applies only to the provision of an eligible financial service as principal.