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Tuesday 22 August 2017

17-276MR ASIC announces regtech showcase event

ASIC has announced that it will hold a showcase event on regulatory technology (regtech) on 18 September 2017 in Sydney. With regtech at the top of the minds of both regulators and industry, ASIC believes that this event will stimulate engagement, explore the opportunities and barriers to regtech deployment and identify potential areas for collaboration.

ASIC’s Regtech Showcase will see two key regtech topics examined in depth through panel discussions, commentary from a range of experts and floor discussion. Regtech developers and technologists will also have the opportunity to share existing or potential solutions in two industry showcase sessions:

Session one: The future of regulatory reporting

  • The use of new technologies to provide for more efficient and effective provision and/or access to regulatory information.

Session two: Understanding and meeting regulatory obligations

  • How software and algorithms can help firms understand and meet their regulatory obligations more efficiently and effectively.

These sessions will have a focus on the regulatory framework administered by ASIC, but will also have reference to frameworks more generally.

ASIC Commissioner John Price said. ‘ASIC does not  regulate regtech directly but we do want to promote it to improve compliance outcomes, and think we have an important role to play as a facilitator of regtech engagement within the sector’.

Regulatory technology helps organisations build a culture of compliance, identify learning opportunities and save time and money relating to regulatory matters, whilst improving compliance and outcomes for consumers. It also has the potential to support regulators in the way they undertake regulatory work and engage with industry.

Registration of interest for the ASIC Regtech Showcase will open in the coming weeks on the Innovation Hub website and the full agenda and program of speakers will be made available at this time. ASIC intends to host a Regtech event in Melbourne later this year.

This announcement is part of ASIC’s response to feedback received from the regtech sector and wider industry on Report 523 ASIC’s Innovation Hub and our approach to regulatory technology (REP 523)  released in May 2017. A feedback statement will be issued in September.

Background

ASIC published REP 523 in May 2017, which outlined our proposed future approach to regtech. Proposed future initiatives in the report included: establishing a new regtech liaison group, conducting future technology trials, hosting a problem–solving event

Establishing new regtech liaison group

To establish a new regtech liaison group comprising industry, technology firms, academics, consultancies, regulators and consumer bodies where ASIC proposes to play the role of enabler, convener and catalyst. The group is intended to enable networking, discussion of regtech developments and collaboration opportunities that promote positive applications of regtech.

Continued use of technology trials

To commit to a number of new trials using regtech technologies in ASIC's regulatory, supervisory and enforcement work.  ASIC would look to update the market and share knowledge on the new regtech applications to promote wider use of technologies that promote good consumer and market integrity outcomes.   

Problem solving event

To undertake a problem a solving event together with industry later in 2017.  ASIC considers such events to have potential to catalyse thinking and approaches to deal with regulating problems commonly faced by the financial sector and looks to the sector to help identify potential challenges to solve. ASIC’s Regtech Showcase event is in part a response to feedback received on this proposal.

These new initiatives are intended to build on ASIC’s existing regtech activities which include, the provision on informal assistance to regtech entities through their Innovation Hub, engagement with the sector at meet-ups and related events, international co-operation and referrals and a range of existing technology trials.

ASIC’s Innovation Hub and regtech

In March 2015, ASIC launched an Innovation Hub to help fintech businesses navigate the regulatory system without compromising investor and financial consumer trust and confidence.

The Innovation Hub helps fintech businesses by providing access to senior staff at ASIC to streamline licensing processes and offering informal guidance to help bridge any knowledge and resourcing gaps.

In mid-2016, ASIC expanded the scope of the Innovation Hub to include engagement with the regtech sector.

ASIC believes that regulatory technology helps organisations build a culture of compliance, identify learning opportunities and save time and money relating to regulatory matters, whilst improving compliance and outcomes for consumers. It also has the potential to support regulators in the way they undertake regulatory work and engage with industry.

Last updated: 22/08/2017 12:00