8Grounds for ASIC deciding that the exemption is not available

8 Grounds for ASIC deciding that the exemption is not available

ASIC may, after considering the notification lodged under paragraph 6(1)(b) by the provider for the eligible financial service, decide that: (a) it is not satisfied that both paragraphs 6(1)(a) and (b) are met for the provider and the financial service; or (b) it is not satisfied that exempting the financial service 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; or (c) it is not satisfied that the financial service: (i) is new; or (ii) is a new adaptation, or new improvement, of another financial service; or (d) it reasonably believes that a condition in section 17, 18, 19, 20, 21, 22, 23 or 24 is not met for another eligible financial service for which the provider has or has had an exemption under section 6; or (e) if the assumption were made that the financial service is covered by a licence—it reasonably believes that the requirement in section 913BA of the Act (about the fit and proper person test) would not be satisfied in relation to the provider and the licence; or (f) it reasonably believes that the provider has failed to act fairly, efficiently or honestly in providing financial services or in engaging in credit activities (within the meaning of the National Consumer Credit Protection Act 2009); or (g) it reasonably believes that a purpose for seeking the exemption under section 6 for the financial service was to continue or recommence an exemption under section 6 that was earlier obtained by another person; or (h) the provider has failed to comply with Division 2 of Part 7.7A of the Act (about best interests obligations) in relation to the provision of another eligible financial service; or (i) it reasonably believes that the provision of the financial service is likely to result in significant detriment to one or more persons as retail clients, or wholesale clients, for the service or a related financial product; or (j) any exemption of the provider under the National Consumer Credit Protection (FinTech Sandbox Australian Credit Licence Exemption) Regulations 2020 is or has been cancelled under section 11 of those Regulations.

Note: A decision by ASIC under this section is a reviewable decision under section 1317B of the Act.