Document ID: chunk:federal_register_of_legislation:F2024C00882:reg:20:p1
Version: federal_register_of_legislation:F2024C00882
Segment Type: reg
Provision Reference: reg 20 (pt 1/6)
Character Range: 83322–86141

20  Persons exempt from requiring a licence—general
 (1) For the purposes of paragraph 110(1)(a) of the Act, this regulation exempts certain persons engaging in a credit activity from:
 (a) section 29 of the Act; and
 (b) definitions in the Act, as they apply to references in the provisions mentioned in paragraph (a); and
 (c) instruments made for the purposes of any of the provisions mentioned in paragraphs (a) and (b).
Note: Section 29 of the Act provides that a person must not engage in a credit activity if the person does not hold a licence authorising the person to engage in the credit activity.
 (2) The person is exempted only to the extent that the person is engaging in the specified credit activity.
Note: If the person also engages in a credit activity that is not the subject of an exemption under the Act, the person is not exempted in relation to that credit activity.
 (3) A person is exempted if:
 (a) the person engages in a credit activity while:
 (i) performing functions, or exercising powers, as a trustee within the meaning of the Bankruptcy Act 1966; or
 (ii) performing functions, or exercising powers, incidental to the person's appointment as a trustee; or
 (b) the person engages in a credit activity while:
 (i) performing functions, or exercising powers, as a controller within the meaning of the Corporations Act 2001, provisional liquidator, or liquidator (whether appointed by a court or otherwise); or
 (ii) performing functions, or exercising powers, incidental to the person's appointment as a controller, provisional liquidator or liquidator; or
 (c) the person engages in a credit activity while performing functions, or exercising powers, as a person appointed by a court to engage in a credit activity; or
 (d) the person engages in a credit activity while performing functions, or exercising powers, as the Public Trustee acting under a law of a State or Territory; or
 (e) the person engages in a credit activity while:
 (i) performing functions, or exercising powers, as an administrator within the meaning of the Corporations Act 2001; or
 (ii) performing functions, or exercising powers, incidental to the person's appointment as an administrator; or
 (ea) the person engages in a credit activity while:
 (i) performing functions, or exercising powers, as a restructuring practitioner for a company or a company's restructuring plan; or
 (ii) performing functions, or exercising powers, incidental to the person's appointment as a restructuring practitioner for a company or a company's restructuring plan; or
 (f) the person engages in a credit activity while:
 (i) performing functions, or exercising powers, as a controlling trustee within the meaning of section 187 of the Bankruptcy Act 1966; or
 (ii) performing functions, or exercising powers, incidental to the