Treasury Laws Amendment (2018 Measures No. 2) Act 2020 (8 of 2020)

Schedule 1   FinTech Sandbox Regulatory Licensing Exemptions

Part 1   Amendment of the Corporations Act 2001

Corporations Act 2001

2   At the end of section 926B

Add:

(3) An exemption that:

(a) is made for the 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;

may apply unconditionally or subject to specified conditions.

(4) A person to whom a condition specified in an exemption applies must comply with the condition. The Court may order the person to comply with the condition in a specified way. Only ASIC may apply to the Court for the order.

(5) An exemption described in subsection (3) may empower ASIC to make decisions relating to how the exemption starts or ceases to apply to a person or class of persons.