6Exemption for testing eligible credit activities in the FinTech sandbox

6 Exemption for testing eligible credit activities in the FinTech sandbox

For the purposes of paragraph 110(1)(a) of the Act, a person (the provider) is exempt from subsection 29(1) of the Act for engaging in an eligible credit activity during the period referred to in section 7 of this instrument if: (a) the provider is an eligible person for the eligible credit activity; and (b) the provider has lodged with ASIC in the approved form a notification that complies with subsection 13(1) of this instrument for the eligible credit activity; 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 subsection 8(1) of this instrument relating to the notification.

Note 1: The exemption will also not be available if the provider has already been exempt for the same kind of credit activity (see paragraph (b) and paragraph 13(1)(c)).

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