2019

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

 

T reasury Laws Amendment (2018 Measures No. 2) Bill 2019

 

 

(Mr Jones)

(1)     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 written 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 regulations made for the purposes of this paragraph is met.

[ FinTech sandbox exemption]

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

[ FinTech sandbox exemption]

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

[ FinTech sandbox exemption]

(4)     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.

[ FinTech sandbox exemption]

(5)     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.

[ FinTech sandbox exemption]

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

[ FinTech sandbox exemption]

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

[ FinTech sandbox exemption]

(8)     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.

[ FinTech sandbox exemption]