ASIC's second marketplace lending survey shows the industry continues to grow in Australia
15 December 2017
ASIC has released a report into its second survey of the marketplace lending industry, which has shown steady growth in both borrowing and lending activity in Australia across these platforms.
ASIC broadens fintech cooperation with Canadian regulators
12 December 2017
ASIC has today announced a Cooperation Agreement with Canadian regulators on fintech cooperation. This agreement expands the existing framework for information sharing and also allows the referral of innovative fintech businesses to and from Canada.
ASIC’s regulatory sandbox proposal to remain unchanged
12 December 2017
ASIC has today released a review of its regulatory sandbox, introduced in December 2016. In the review ASIC proposes to retain class waivers known as the fintech licensing exemption, that allow eligible financial technology (fintech) businesses to test certain specified services without holding an Australian financial services or credit licence. ASIC had committed to reviewing its fintech licensing exemption following 12-18 months' operation.
ASIC closure over the festive season
6 December 2017
ASIC offices will be closed from 5.00pm on Friday 22 December 2017 to 8.00am on Tuesday 2 January 2018. During this time requests for informal assistance will not be processed. You can also expect that early in January responding to requests for assistance will take a little longer than usual.
We encourage businesses who have any informal assistance requests or notifications related to the fintech licensing exemption to be sent to the Innovation Hub by Tuesday 12 December 2017 in order to be considered before the shutdown period.
Dubai and Australia seal agreement on fintech cooperation
23 November 2017
The Dubai Financial Services Authority ('DFSA') and ASIC today signed a Cooperation Agreement which provides a framework for cooperation to support and understand financial innovation in each jurisdiction.
China and Australia to cooperate on fintech
6 November 2017
The China Securities Regulatory Commission ('CSRC') and ASIC have entered into an agreement to promote innovation in financial services in their respective markets.
The fintech sector opportunity: ASIC perspective
2 November 2017
A speech by Commissioner John Price at the 4th Annual FinTech Summit 2017, Sydney, Australia, 2 November 2017.
ASIC expands network of fintech cooperation agreements to Switzerland
27 October 2017
On 18 October 2017, ASIC and the Swiss Financial Markets Authority (FINMA) entered a new agreement to cooperate on innovation in the financial sector.
The agreement aims to encourage innovation in financial services in Switzerland and Australia, and to support financial services innovators in meeting legal requirements when operating in each country.
The FMA and ASIC confirm trans-Tasman collaborative approach to fintech
19 October 2017
The Financial Markets Authority (FMA) and ASIC have re-affirmed their commitment to collaboration and cooperation on the expanding opportunities in fintech and innovation.
The FMA and ASIC entered a wide-ranging Memorandum of Understanding (MoU) in 2012.
Today in Sydney, senior executives from both regulators discussed the opportunities and challenges of balancing the desire to foster innovation and growth in the emerging fintech industry, while protecting consumers and managing risks. Regulators will assist innovative businesses hoping to make ventures into each other’s markets by providing referrals for advice and support.
ASIC Deputy Chairman Peter Kell and FMA CEO Rob Everett agree to continue co-operative work on fintech
Banks and financial technology: will banks become back offices for fintech companies?
12 October 2017
A speech by ASIC Commissioner, John Price.
Fintech is today changing many aspects of financial services. The success of fintech seems a reflection of both a more fundamental shift in the global economy and also a response to declining trust in traditional institutions—including those in the financial sector.
ASIC provides guidance for initial coin offerings
28 September 2017
We have released guidance to help issuers of initial coin offerings (ICOs) consider their legal obligations when offering coins or tokens.
ASIC facilitates crowd-sourced funding by public companies
21 September 2017
ASIC has released guidance for public companies and crowd-funding platform operators to support them in using the new crowd-sourced funding (CSF) regime, which commences on 29 September 2017.
ASIC Commissioner John Price said, 'Crowd-sourced funding provides an opportunity for small to medium-sized businesses to access an alternate source of capital without the regulatory burden of traditional fundraising. ASIC's new guidance will help public companies and crowd-funding platform operators comply with their obligations under the CSF regime, while supporting investor confidence.'
ASIC’s Regtech Showcase – Opening remarks
18 September 2017
A speech by ASIC Chairman, Greg Medcraft.
'So what is ASIC’s role, and indeed the role for the regulator generally, in this fast moving environment?'
Response to feedback on REP 523 ASIC's Innovation Hub and our approach to regulatory technology
15 September 2017
ASIC today released its response to industry feedback on ASIC's Innovation Hub and its approach to regulatory technology.
In May ASIC released for consultation Report 523 ASIC's Innovation Hub and our approach to regulatory technology (REP 523).
ASIC sought feedback on:
- its overall approach to innovation
- setting up a new regtech liaison group
- its continued use of technology trials, and
- the hosting of a problem-solving event.
Applications for crowd-funding licences
12 September 2017
From 29 September 2017, the new crowd-sourced funding regime will come into effect and ASIC will begin accepting licence applications from CSF intermediaries.
ASIC's Regtech Showcase
22 August 2017
With regtech at the top of the minds of both regulators and the private sector, ASIC is hosting a showcase event on 18 September in Sydney to stimulate engagement and explore the opportunities and barriers to regtech deployment.
Abu Dhabi and Australia seal agreement on fintech cooperation
26 July 2017
The Abu Dhabi Global Market ('ADGM') Financial Services Regulatory Authority ('FSRA') and ASIC today signed a Cooperation Agreement which provides a framework for cooperation to support and understand financial innovation in each jurisdiction.
This Agreement expands ASIC's fintech cooperation network to a dynamic region with enormous potential. The Middle East and North Africa (MENA) are currently poised for a fintech boom, with several cities taking steps to establish themselves as fintech hubs. To date, most fintech activity has occurred in the payments space, with startups offering services including bill payment, electronic wallets, mobile and online payment solutions.
Podcast: Crowd-sourced funding
20 July 2017
ASIC Commissioner John Price joins the podcast to discuss recent law reform around crowd-sourced funding and ASIC's role in administering the new legislation.
Feedback on regtech report due to ASIC
30 June 2017
This May ASIC released report 523 ASIC’s Innovation Hub and our approach to regulatory technology, seeking input from innovative financial businesses, technology businesses, financial services providers, academics, professional firms, consumer representatives and other interested parties on ASIC's proposed approach to regtech. Feedback submissions are due on 04 July 2017. We look forward to hearing your ideas.
Malaysia and Australia seal agreement on fintech cooperation
29 June 2017
On 27 June 2017 the Malaysia Securities Commission ('SC') and ASIC signed a Cooperation Agreement which provides a framework for cooperation to support and understand financial innovation in each economy.
Japan and Australia cooperate on fintech
23 June 2017
The Japan Financial Services Agency ('JFSA') and Australian Securities and Investments Commission ('ASIC') today announced the completion of a framework for cooperation to promote innovation in financial services in Japan and Australia.
ASIC commences consultation on proposed guidance on crowd-sourced funding
22 June 2017
ASIC today released two consultation papers proposing guidance for public companies and intermediaries (i.e. crowd funding platform operators) to assist them in using the new crowd-sourced funding (CSF) regime commencing on 29 September 2017.
Crowd-sourced funding regulations
21 June 2017
The Government has now made and published the crowd-sourced funding regulations.
ASIC will shortly commence consultation on regulatory guidance for:
- intermediaries seeking to provide CSF services;
- companies seeking to raise funds on a platform of a CSF intermediary
Stay tuned for further announcements.
Hong Kong and Australia seal agreement on fintech cooperation
13 June 2017
The Hong Kong Securities and Futures Commission and ASIC have signed a Co-operation Agreement which provides a framework for cooperation to support and understand financial innovation in each economy.
ASIC survey offers snapshot of marketplace lending in Australia
1 June 2017
ASIC today released a report on its first survey of various participants in the marketplace lending industry and our broader activities relating to marketplace lending.
ASIC proposes next steps on regtech
26 May 2017
ASIC will establish a new regtech industry liaison network, conduct a number of new technology trials using regtech applications and establish a 'hackathon' later this year to help identify roadblocks to the successful and rapid take-up of the sector.
The initiatives are among a range of proposals covered in Report 523 ASIC’s Innovation Hub and our approach to regulatory technology, released today, covering ASIC's approach to regtech and inviting feedback from the sector and wider industry.
ASIC signs fintech Co-operation Agreement with OJK to promote innovation in financial services
21 April 2017
The Australian Securities and Investments Commission (ASIC) and Indonesia's Otoritas Jasa Keuangan (OJK) have entered a Co-operation Agreement to promote innovation in financial services in their respective markets.
The future of fintech and regulation
21 April 2017
ASIC Chairman Greg Medcraft addressed the British Australian Fintech Forum 2017 on how ASIC is supporting fintech and innovation while ensuring trust and confidence in the financial sector.
ASIC's regulatory sandbox
19 April 2017
ASIC Commissioner John Price delivered a presentation to the Perth Fintech Meetup on what ASIC is doing in the regtech space, and explained the regulatory sandbox.
New crowd-sourced funding (CSF) website content
3 April 2017
With the crowd-sourced funding (CSF) legislation receiving royal assent last week ASIC has published new website content dedicated to CSF. The CSF regime takes effect from 28 September 2017.
The new webpage includes information about the regime for potential CSF intermediaries and companies that may raise funds through their platforms. The page also provides information on what ASIC will be doing during the next few months in preparation for the regime.
After 28 September 2017 ASIC will be able to accept AFS licence applications forms from entities wanting to providing CSF services.
ASIC extends the relief provided for business introduction services
29 March 2017
ASIC has extended Class Order [CO 02/273] Business introduction or matching services [CO 02/273] for two years. The class order was due to expire (sunset) on 1 April 2017.
[CO 02/273] gives conditional relief from the fundraising, financial product disclosure, hawking and advertising requirements in the Corporations Act (the Act) that would otherwise apply to a person making or calling attention to offers of securities or interests in a registered managed investment scheme through a business introduction service.
Distributed ledger technology (blockchain)
20 March 2017
ASIC has released an information sheet on evaluating distributed ledger technology (DLT), also known as blockchain technology.
For older news, visit the Innovation Hub news archive.