8Grounds for ASIC deciding that the exemption is not available

8 Grounds for ASIC deciding that the exemption is not available

(1) ASIC may, after considering the notification lodged under paragraph 6(b) by the provider for the eligible credit activity, decide that: (a) it is not satisfied that both paragraphs 6(a) and (b) are met for the provider and the credit activity; or (b) it is not satisfied that exempting the credit activity 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 credit activity; or (c) it is not satisfied that the credit activity: (i) is new; or (ii) is a new adaptation, or new improvement, of another credit activity; or (d) it reasonably believes that a condition in section 14, 15, 16, 17 or 18 is not met for another eligible credit activity for which the provider has or has had an exemption under section 6; or (e) if the assumption were made that the credit activity is covered by a licence—it reasonably believes that the requirement in section 37A 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 engaging in credit activities or in providing financial services (within the meaning of the Corporations Act 2001); or (g) it reasonably believes that a purpose for seeking the provider’s exemption under section 6 for the credit activity was to continue or recommence an exemption under section 6 that was earlier obtained by another person; or (h) it reasonably believes that engaging in the eligible credit activity is likely to result in significant detriment to one or more consumers; or (i) any exemption of the provider under the Corporations (FinTech Sandbox Australian Financial Services Licence Exemption) Regulations 2020 is or has been cancelled under section 14 of those Regulations. (2) Applications may be made to the Administrative Review Tribunal for review of decisions made by ASIC under subsection (1).

Note: This subsection is made for the purposes of paragraph 327(1)(i) of the Act.