Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For the purposes of paragraph 110(1)(a) of the Act, this regulation exempts certain persons engaging in a credit activity from:
(a) section 29 of the Act; and
(b) definitions in the Act, as they apply to references in the provisions mentioned in paragraph (a); and
(c) instruments made for the purposes of any of the provisions mentioned in paragraphs (a) and (b).
Note: Section 29 of the Act provides that a person must not engage in a credit activity if the person does not hold a licence authorising the person to engage in the credit activity.
(2) The person is exempted only to the extent that the person is engaging in the specified credit activity.
Note: If the person also engages in a credit activity that is not the subject of an exemption under the Act, the person is not exempted in relation to that credit activity.
(3) The person is exempted if the person engages in a credit activity while performing functions, or exercising powers, in the following circumstances:
(a) the person provides a person to a licensee, registered person or a representative of a licensee or registered person; and
(b) that person engages in a credit activity on behalf of the licensee or registered person only as a person described in regulation 25H or 25I.
Note: Regulation 25H relates to temporary staff. Regulation 25I relates to locums.
(4) For the purposes of paragraph 110(1)(c) of the Act,
the provisions of the Act to which Part 2 - 6 of Chapter 2 of
the Act applies apply in relation to the person as if subsection 29(4)
of the Act were omitted.