10Exposure limits for exempt credit activities—total limit for all activities etc.

10 Exposure limits for exempt credit activities—total limit for all activities etc.

(1) The provider meets the condition in this section for an eligible credit activity if the provider ensures that no more than a total of $5 million made up of the following: (a) the value of credit contracts entered into in relation to eligible credit activities; (b) gross written premiums for eligible general insurance products; (c) gross written premiums for eligible life risk insurance products; (d) contributions in eligible superannuation products; (e) commitments to other kinds of financial product; arises for consumers, retail clients and wholesale clients as the result of the matters referred to in subsections (2) and (3). (2) For the purposes of paragraph (1)(a), the matters are the engaging in of eligible credit activities if: (a) either the provider, or a related body corporate of the provider, has or has had an exemption under section 6 for each of the eligible credit activities; and (b) each eligible credit activity was engaged in, by the person with that exemption for that credit activity, during the testing period of that person’s exemption for that credit activity. (3) For the purposes of paragraphs (1)(b) to (e), the matters are the provision of eligible financial services if: (a) either the provider, or a related body corporate of the provider, has or has had an exemption under section 6 of the Corporations (FinTech Sandbox Australian Financial Services Licence Exemption) Regulations 2020 for each of the eligible financial services; and (b) the provision of each of the eligible financial services, by the person with that exemption for that service, happened during the testing period (within the meaning of those Regulations) of that person’s exemption for that service. (4) In this section:

eligible financial service has the same meaning as in the Corporations (FinTech Sandbox Australian Financial Services Licence Exemption) Regulations 2020.

eligible general insurance product has the same meaning as in the Corporations (FinTech Sandbox Australian Financial Services Licence Exemption) Regulations 2020.

eligible life risk insurance product has the same meaning as in the Corporations (FinTech Sandbox Australian Financial Services Licence Exemption) Regulations 2020.

eligible superannuation product has the same meaning as in the Corporations (FinTech Sandbox Australian Financial Services Licence Exemption) Regulations 2020.

financial product has the same meaning as in the Corporations Act 2001.

retail client has the same meaning as in the Corporations Act 2001.

wholesale client has the same meaning as in the Corporations Act 2001.