Document ID: chunk:federal_register_of_legislation:F2024C01031:reg:16:p2
Version: federal_register_of_legislation:F2024C01031
Segment Type: reg
Provision Reference: reg 16 (pt 2/2)
Character Range: 23688–25784

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 benefit to the public that will outweigh the detriment to the public that will result, or be likely to result, from exempting that service;
 (h) a justification of why each eligible financial service covered by paragraph (f):
 (i) is new; or
 (ii) is a new adaptation, or new improvement, of another financial service;
 (i) the name of any person (including any related body corporate of the provider), other than an employee or director:
 (i) of the provider; or
 (ii) of any related body corporate of the provider;
  whose role includes being responsible for making significant decisions about the ongoing provision of each eligible financial service covered by paragraph (f), and a description of that role;
 (j) if the assumption were made that each eligible financial service covered by paragraph (f) is covered by a licence—information for the purposes of ASIC making a decision about whether the requirement in section 913BA of the Act (about the fit and proper person test) would be satisfied in relation to the provider and the licence;
 (k) a description of the procedures, memberships and arrangements by which the provider will meet the condition in section 20 (about dispute resolution and compensation) for each eligible financial service covered by paragraph (f).
Note 1: The same notification may specify multiple eligible financial services. If it does, each of them will be the subject of a separate exemption under section 6 (assuming the other eligibility criteria are satisfied).
Note 2: Paragraph (j) is relevant for decisions by ASIC under paragraph 8(e).
Note 3: Since paragraph 6(1)(b) requires the notification to be lodged with ASIC in the approved form, the notification must include any information, statements, explanations or other matters required by the form (see section 350 of the Act).

Part 5—Conditions for the exemption