Enhanced regulatory sandbox

The Australian Government has introduced the enhanced regulatory sandbox (ERS). The sandbox allows natural persons and businesses to test certain innovative financial services or credit activities without first obtaining an Australian financial services (AFS) licence or Australian credit licence (credit licence). The ERS aims to facilitate financial innovation in Australia from 1 September 2020.

The enhanced regulatory sandbox supersedes the previous regulatory sandbox administered by ASIC. It allows testing of a broader range of financial services and credit activities for a longer duration (up to 24 months). We have provided several resources providing information and guidance on the new framework:

If an entity intends to use the enhanced regulatory sandbox, it must first complete and lodge with ASIC a prescribed form for the financial service or credit activity that you plan to test:

If you require additional information or assistance with the ERS exemption, contact ASIC's Innovation Hub at innovationhub@asic.gov.au.

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News

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ASIC publishes REP 685 ASIC's Regtech Initiatives 2019-20

20 January 2021

ASIC’s Regtech Initiatives 2019-20 report covers observations and findings from the regtech initiatives we conducted throughout the year.  The report outlines that regtech is particularly useful for identifying and, in some cases, assessing indicators of concerning conduct or activities by financial businesses.

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GFIN invites firms to participate in cross-border testing

30 October 2020

The Global Financial Innovation Network (GFIN) is inviting applications from firms to test innovative financial products, services, business models or regulatory technology across more than one country or jurisdiction.

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Events

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Financial Innovation: Regulator meet-up, recording now available

1 December 2020

ASIC's regulator meet-ups bring together representatives from national bodies to outline their latest initiatives and news with financial innovation and technology. More information.

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11th ASIC regtech liaison forum

4 December 2020

The forum provides a regular chance for industry representatives and regulators to discuss the developments and opportunities within the regulatory technology (regtech) space. More information.

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Last updated: 01/09/2020 08:57