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41       Treasury Laws Amendment (2018 Measures No. 2) Bill 2019

Order of the day read for the adjourned debate on the motion of the Minister for Families and Social Services (Senator Ruston)—That this bill be now read a second time.

Debate resumed.

Question put and passed.

Bill read a second time.

The Senate resolved itself into committee for the consideration of the bill.

 

 

 

In the committee

Bill, taken as a whole by leave, debated.

Document : Senator Lambie, by leave, tabled the following document:

Letter from the Manager of Government Relations at the Australian Securities and Investments Commission (Ms Andrews) to the Assistant Minister for Superannuation, Financial Services and Financial Technology (Senator Hume), dated 17 October 2019.

Senator McAllister moved the following amendments together by leave:

Schedule 1, item 2, page 4 (lines 16 to 21), omit subsection 926B(3), substitute:

FinTech sandbox exemption

   (3)  A FinTech sandbox exemption may apply unconditionally or subject to specified conditions.

(3A)  A FinTech sandbox exemption does not apply in relation to a person and a financial service unless:

                       (a)  the person has lodged a notification in relation to the service with ASIC that complies with subsection (3B); and

                      (b)  the 30-day period starting on the day the notification was so lodged has ended without ASIC giving the provider writt en notice of a decision under subsection (3C) relating to the notification.

(3B)  For the purposes of paragraph (3A)(a), the person must lodge a notification with ASIC that includes the following:

                       (a)  a description of each financial service (including of any related kind of financial product) for which the person is proposing to use the exemption;

                      (b)  a justification of why exempting each of those financial services 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;

                       (c)  any other information required by regulations made for the purposes of this paragraph.

(3C)  ASIC may, after considering the notification referred to in paragraph (3A)(a), decide it is not satisfied of one or more of the following:

                       (a)  that the financial service:

                                     (i)  is new; or

                                    (ii)  is a new adaptation, or new improvement, of another financial service;

                      (b)  that exempting the financial service 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;

                       (c)  that any other condition prescribed by regulation s made for the purposes of this paragraph is met.

Schedule 1, item 2, page 4 (line 22), omit “an exemption”, substitute “a FinTech sandbox exemption”.

Schedule 1, item 2, page 4 (line 26), omit “An exemption described in subsection (3)”, substitute “A FinTech sandbox exemption”.

Schedule 1, item 2, page 4 (after line 28), at the end of section 926B, add:

   (6)  In this section:

FinTech sandbox exemption means an exemption that:

                       (a)  is made for the for purposes of paragraph (1)(a); and

                      (b)  exempts a person or class of persons from subsection 911A(1) to enable testing of particular financial services.

Schedule 1, item 5, page 5 (lines 10 to 14), omit subsection 110(2), substitute:

FinTech sandbox exemption

   (2)  A FinTech sandbox exemption may apply unconditionally or subject to specified conditions.

(2A)  A FinTech sandbox exemption does not apply in relation to a person and a credit activity unless:

                       (a)  the person has lodged a notification in relation to the activity with ASIC that complies with subsection (2B); and

                      (b)  the 30-day period starting on the day the notification was so lodged has ended without ASIC giving the provider written notice of a decision under subsection (2C) relating to the notification.

(2B)  For the purposes of paragraph (2A)(a), the person must lodge a notification with ASIC that includes the following:

                       (a)  a description of each credit activity (including of any related kind of credit activity) for which the person is proposing to use the exemption;

                      (b)  a justification of why exempting each of those credit activities 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 activity;

                       (c)  any other information required by regulations made for the purposes of this paragraph.

(2C)  ASIC may, after considering the notification referred to in paragraph (2A)(a), decide it is not satisfied of one or more of the following:

                       (a)  that the credit activity:

                                     (i)  is new; or

                                    (ii)  is a new adaptation, or new improvement, of another credit activity;

                      (b)  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 activity;

                       (c)  that any other condition prescribed by regulations made for the purposes of this paragraph is met.

Schedule 1, item 5, page 5 (line 15), omit “an exemption”, substitute “a FinTech sandbox exemption”.

Schedule 1, item 5, page 5 (line 19), omit “An exemption described in subsection (2)”, substitute “A FinTech sandbox exemption”.

Schedule 1, item 5, page 5 (after line 21), at the end of section 110, add:

   (5)  In this section:

FinTech sandbox exemption means an exemption that:

                       (a)  is made for the for purposes of paragraph (1)(a); and

                      (b)  exempts a person or class of persons from subsection 29(1) to enable testing of particular credit activities.

Question—That the amendments be agreed to—put.

The committee divided—

AYES, 30

Senators—

Ayres

Faruqi

O’Neill

Steele-John

Bilyk

Gallagher

Polley

Sterle

Brown

Hanson-Young

Pratt

Urquhart*

Carr

Keneally

Rice

Walsh

Chisholm

Kitching

Sheldon

Waters

Ciccone

McAllister

Siewert

Watt

Di Natale

McCarthy

Smith, Marielle

Whish-Wilson

Dodson

McKim

 

 

 

NOES, 36

Senators—

Antic

Duniam

McGrath*

Reynolds

Askew

Fawcett

McKenzie

Roberts

Birmingham

Fierravanti-Wells

McLachlan

Ruston

Bragg

Griff

McMahon

Ryan

Brockman

Henderson

Molan

Scarr

Canavan

Hughes

O’Sullivan

Seselja

Chandler

Hume

Paterson

Smith, Dean

Colbeck

Lambie

Patrick

Stoker

Davey

McDonald

Payne

Van

* Tellers

Question negatived.

Bill agreed to and reported without amendment.

 

 

 

On the motion of the Assistant Minister for Superannuation, Financial Services and Financial Technology (Senator Hume) the report from the committee was adopted and the bill was read a third time.