Treasury Laws Amendment (Genetic Testing Protections in Life Insurance and Other Measures) Act 2026 (35 of 2026)

Schedule 2   Licensing exemptions for foreign financial services providers

Corporations Act 2001

4   After subsection 911A(5A)

Insert:

(5AA) The person may notify ASIC that the person intends to rely on the exemption in paragraph (2)(eo), (ep) or (eq) for providing a financial service:

(a) during the period:

(i) starting on the 15th business day before the first day on which the person starts providing the service; and

(ii) ending on the 15th business day after the first day on which the person starts providing the service; and

(b) by giving ASIC the notice in a written form that:

(i) is approved by ASIC; and

(ii) includes the person's contact details; and

(iii) describes the service; and

(iv) includes the information, statements, explanations or other matters required by the approved form; and

(v) is accompanied by any other material required by the approved form; and

(vi) is given in a manner required by the approved form (including in electronic form).

Note: A single notice can cover one or more services.

(5AB) The exemption in paragraph (2)(eo), (ep) or (eq) does not apply to providing a financial service after the day (if any) on which the person notifies ASIC in accordance with subsection (5AC) that the person no longer intends to rely on the exemption for providing the financial service.

(5AC) The person must give this notice to ASIC in a written form that:

(a) is approved by ASIC; and

(b) includes the person's contact details; and

(c) describes the service; and

(d) includes the information, statements, explanations or other matters required by the approved form; and

(e) is accompanied by any other material required by the approved form; and

(f) is given in a manner required by the approved form (including in electronic form).

Note: A single notice can cover one or more services.

(5AD) Notifying ASIC under subsection (5AB) that the person no longer intends to rely on the exemption in paragraph (2)(eo), (ep) or (eq) for providing the financial service does not prevent the person from subsequently notifying ASIC under subsection (5AA) that the person intends to rely again on the exemption for providing the financial service.