Document ID: chunk:federal_register_of_legislation:F2024C01031:reg:16:p1
Version: federal_register_of_legislation:F2024C01031
Segment Type: reg
Provision Reference: reg 16 (pt 1/2)
Character Range: 21155–23925

16  Lodging a valid notification for eligible financial services
 (1) The provider's notification complies with this subsection for an eligible financial service if:
 (a) the notification includes the matters in subsection (2); and
 (b) the notification states that the provider is proposing to use the exemption under section 6 for the eligible financial service; and
 (c) if the eligible financial service (the current service) is a product‑type service—no earlier exemption under section 6 has been obtained:
 (i) for a financial service of the same kind that is wholly or partly related to the kind of financial product that the current service relates to; and
 (ii) by the provider or by a related body corporate of the provider; and
 (d) no related body corporate of the provider currently has:
 (i) an exemption under section 6 for an eligible financial service; or
 (ii) an exemption under section 6 of the National Consumer Credit Protection (FinTech Sandbox Australian Credit Licence Exemption) Regulations 2020; and
 (e) no related body corporate of the provider has lodged with ASIC:
 (i) a notification under this instrument that includes the matters in subsection (2); or
 (ii) a notification under the National Consumer Credit Protection (FinTech Sandbox Australian Credit Licence Exemption) Regulations 2020 that includes the matters in subsection 13(2) of that instrument;
  during the 30‑day period ending on the day the notification referred to in paragraph (a) of this subsection is lodged with ASIC.
Note: A consequence of this subsection is that only one member of a group of related bodies corporate can ever use the exemption to test financial services at any one time.
 (2) The matters to include in the notification are as follows:
 (a) the provider's name, address and contact details;
 (b) the address of the provider's website (if any);
 (c) if the provider is a natural person—the person's date of birth;
 (d) if the provider is a body corporate:
 (i) the provider's ABN, ACN and ARBN, if any; and
 (ii) the name and contact details of a contact person who is a natural person who can be contacted in relation to the notice;
 (e) if the provider is:
 (i) a financial services licensee; or
 (ii) an authorised representative of a financial services licensee; or
 (iii) a related body corporate of a person referred to in subparagraph (i) or (ii);
  the licence number, given under section 913C of the Act, to that licensee;
 (f) a description of each eligible financial service (including of any related kind of financial product) for which the provider is proposing to use the exemption under section 6;
 (g) a justification of why exempting each eligible financial service covered by paragraph (f) will result, or be likely to result, in a