Business Research and Innovation Initiative - RegTech Round
The Business Research Innovation Initiative (BRII) is a federal government program that supports businesses in developing innovative solutions to public policy and service delivery challenges. The BRII Regulatory Technology (RegTech) Round aims to assess the potential of regtech to solve challenges across government agencies and departments to assist with easier compliance and service delivery.
Sponsored by the Department of Industry, Science and Resources (DISR), ASIC’s selected challenge explores the potential of using technology to help identify and assess poor market disclosure by listed companies.
On 26 May 2023, the Hon Ed Husic MP, Minister for Industry and Science announced Eastern Analytica Pty Ltd (trading as DHI-AI) as the successful applicant progressing to the next phase, where they’ll receive a grant of up to $1 million to develop a proof of concept. This follows the first stage where five successful regtech entities were awarded grants of up to $100,000 to conduct a feasibility study of their proposed solution over a period of three months (see 22-005MR).
ASIC will work closely with DHI-AI to develop a proof of concept over a period of up to 15 months, with the potential to test the solution over an additional three months. On completion, DHI-AI retains the intellectual property rights to their solution and can sell their product both domestically and internationally, including to other government agencies.
For more information about the BRII visit the Business Research and Innovation Initiative (BRII) – RegTech Round.
ASIC's RegTech Challenge
ASIC was selected as one of four government agencies to participate in the BRII RegTech Round. ASIC’s challenge explores the potential of using technology to help identify and assess poor market disclosure by listed companies - an important initiative which forms part of ASIC’s Digital and Data agenda.
The solution will aim to identify and assess compliance by listed companies with the following requirements:
- continuous disclosure (price sensitive disclosure) and other disclosure obligations to the market;
- financial reporting obligations;
- the prohibition against misleading or deceptive disclosure (such as misleading categorisation of market announcements); and
- the prohibition against practices that manipulate the pricing of securities.
The successful solution has the potential to reduce regulatory burden while enhancing market integrity.
ASIC’s Innovation Hub offers informal assistance to eligible Australian regtech startups and scaleups to help navigate the regulatory framework.
Visit ASIC’s BRII RegTech Round webpage for more information on the program.