Jane Hume (Victoria, Liberal Party, Assistant Minister for Superannuation, Financial Services and Financial Technology) Share this | Hansard source

The bill does give ASIC the power to revoke a firm's ability to use the sandbox, and we expect that this power will allow ASIC either to provide notification to a business that they can no longer rely on the exemption or to apply to the Federal Court for an order that the business comply with a particular requirement where a business fails to meet the requirements or ASIC considers they haven't acted fairly, honestly or efficiently. So breaches of some of the requirements will mean that a provider automatically ceases to be exempt from the licensing exemption, and these include requirements related to eligible activities, investment thresholds and consumer notifications. Of course, that product intervention power and the design and distribution obligations that are currently before the parliament will also apply to these enhanced sandbox activities as a corollary.