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.
ASIC releases fintech licensing framework
15 December 2016
ASIC has released a class waiver to allow eligible fintech businesses to test certain specified services without an Australian financial services or credit licence. ASIC has also released updated guidance to fintech businesses on satisfying the organisational competence requirements.
Agreement with Ontario Securities Commission to support innovative businesses
3 November 2016
Innovative fintech companies in Australia and Ontario, Canada will be able to draw on support from the combined resources of their financial regulators as they seek to operate in the others’ market, under a new agreement.
Under a new agreement, ASIC and the Ontario Securities Commission (OSC) will refer to one another those innovative businesses seeking to enter the others’ market. The regulators may provide support to innovative businesses before, during and after authorisation to help reduce regulatory uncertainty and time to market.
ASIC signs agreement with Kenyan regulator to support fintech innovation
21 October 2016
The Capital Markets Authority of Kenya (CMA) and ASIC have signed a Co-operation Agreement which aims to promote innovation in financial services in their respective markets.
ASIC releases guidance on regulating digital advice
30 August 2016
This guide brings together some of the issues that digital advice providers need to consider when operating in Australia - from the licensing stage through to the actual provision of advice.
ASIC View Episode 11: ASIC’s Innovation Hub
7 July 2016
ASIC Commissioner John Price joins the podcast to discuss ASIC's Innovation Hub and how it's helping fintech startups.
Agreement with Singapore to support innovative businesses
16 June 2016
The Monetary Authority of Singapore (MAS) and ASIC have signed an Innovation Functions Co-operation Agreement which aims to help innovative businesses in Singapore and Australia in their foray to the respective markets.
This agreement will enable innovative fintech companies in Singapore and Australia to establish initial discussions in each other’s market faster and receive advice on required licences.
ASIC explains regulatory sandbox
8 June 2016
Melbourne FinTech Startups meetup
Join ASIC Commissioner John Price, and Senior Executive Leader Mark Adams as they take us through the ASIC consultation paper (CP) on the regulatory sandbox that will be published on 8 June. You will have an opportunity to ask how it might work in practice and how you can be involved in developing a submission to the CP.
Regulatory sandbox proposal
8 June 2016
In June, ASIC has issued a public consultation paper on a proposed regulatory sandbox licensing exemption and other measures.
FinTech Regulation 101
Sydney FinTech Startups meetup
On 14 April 2016 representatives from ASIC, Austrac, APRA, RBA, and OAIC shared their insights on how to navigate the FinTech regulatory landscape.
ASIC signs Innovation Hub agreement with UK Financial Conduct Authority (FCA)
23 March 2016
Under a new world-first agreement, innovative fintech companies in Australia and the United Kingdom will have more support from financial regulators as they attempt to enter the others’ market.
Regulation of digital financial product advice
21 March 2016
ASIC has released a Consultation Paper 254 which attaches a draft Regulatory Guide on regulating digital financial product advice (also commonly known as robo-advice).
Consultation Paper 254 Regulating digital financial advice seeks feedback on issues that are unique to digital advice businesses, in particular: the organisational competence obligation that applies in a digital advice context; and the ways in which digital advice licensees should monitor and test their algorithms.
ASIC's draft Regulatory Guide 000 Providing digital financial product advice to retail clients brings together some of the issues that persons providing, or intending to provide, digital advice to retail clients need to consider when operating in Australia—from the licensing stage (i.e. obtaining an Australian financial services (AFS) licence) through to the actual provision of advice. ASIC will be taking submissions over an 8 week period.
Further details are set out in Consultation Paper 254.
Guidance on marketplace lending
21 March 2016
ASIC has published an information sheet for issuers of marketplace lending products. The information sheet gives guidance on the regulatory requirements that apply to marketplace lending, including licensing, disclosure and advertising.
The information sheet also contains some good practice that ASIC suggests issuers can implement to help consumers better understand their products..