Document ID: chunk:federal_register_of_legislation:F2024C01031:reg:5
Version: federal_register_of_legislation:F2024C01031
Segment Type: reg
Provision Reference: reg 5
Character Range: 6105–8619

5  Definitions
  In this instrument:
Act means the Corporations Act 2001.
ADI means an authorised deposit‑taking institution within the meaning of the Banking Act 1959.
banking business has the same meaning as in the Banking Act 1959.
eligible financial service means:
 (a) providing financial product advice in relation to a particular kind of financial product; or
 (b) applying for or acquiring a particular kind of financial product; or
 (c) issuing, varying or disposing of a non‑cash payment facility; or
 (d) arranging for the issuing, varying or disposing of a particular kind of financial product; or
 (e) providing a crowd‑funding service.
eligible general insurance product means a general insurance product covered by paragraph 11(2)(c).
eligible life risk insurance product means a life risk insurance product covered by paragraph 11(2)(d).
eligible person, for an eligible financial service, means a person who:
 (a) is none of the following:
 (i) a person authorised by an Australian financial services licence to provide the eligible financial service;
 (ii) an authorised representative of a financial services licensee for the provision of the eligible financial service;
 (iii) a related body corporate of a body corporate covered by subparagraph (i) or (ii);
 (iv) an operator of a financial market or an operator of a clearing and settlement facility;
 (v) a natural person who is neither an Australian citizen, nor a permanent resident, within the meaning of the Australian Citizenship Act 2007; and
 (b) if the person is a foreign company—is registered under Division 2 of Part 5B.2 of the Act.
eligible superannuation product means a superannuation product covered by paragraph 11(2)(e).
non‑cash payment facility means a facility through which, or through the acquisition of which, a person makes non‑cash payments.
product‑type service means a financial service covered by one of the following paragraphs:
 (a) providing financial product advice in relation to a particular kind of financial product;
 (b) applying for or acquiring a particular kind of financial product;
 (c) arranging for the issuing, varying or disposing of a particular kind of financial product.
Each of the financial services covered by one of paragraphs (a) to (c) belongs to the same kind of product‑type service.
provider has the meaning given by section 6.
testing period has the meaning given by section 7.

Part 2—Exemption from financial services licensing requirements for testing in the FinTech sandbox