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Friday 15 September 2017

17-315MR Response to feedback on REP 523 ASIC's Innovation Hub and our approach to regulatory technology

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.

'We are grateful to respondents for their feedback,' said Commissioner John Price.

'The range of feedback was very valuable in helping ASIC consider the interests and needs of regtech industry stakeholders.'

Responses were generally very supportive of ASIC’s Innovation Hub and its approach to regtech. However, there were differences of opinion on our proposed new initiatives, particularly the regtech liaison group and regtech problem-solving event.

Overarching themes from consultation are:

  • Respondents were in favour of ASIC being ambitious in the regtech area.
  • There are complex questions of policy surrounding ASIC's role in regtech, and ASIC must consider how best to balance its role as both a regulator and as a technology user, and
  • ASIC should consider where and how it might improve transparency across the board in its engagement with the regtech industry.

'We think proposals in our consultation paper represent the starting point of an evolving approach to regtech,' Mr Price said.

'ASIC plans to hold our first Regtech Liaison Group meeting before the end of the year.'

'By implementing our proposed initiatives, we hope to learn more about how we can promote collaboration and encourage the development of the regtech sector.'