Archive: News

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ASIC's Innovation Hub regularly produce reports, guidance, summaries, minutes, and media releases across our approach to new business models and to address questions from the sector on regulation and compliance. For information on what is coming up, subscribe here for the latest news.

Below is a complete list of our news, announcements, publications, and podcast appearances. If you are looking for our video archive, click here. If you're looking for announcements from a particular year, click one of the links below:

ASIC Holiday Closure

12 December 2018

ASIC offices will be closed from 5.00pm on Monday 24 December 2018 to 8.00am on Wednesday 2 January 2019. During this time requests for informal assistance will not be processed. You can also expect that early in January responding to requests for assistance will take a little longer than usual.

We encourage businesses who have any informal assistance requests or notifications related to the fintech licensing exemption to be sent to the Innovation Hub by Monday 17 December 2018 in order to be considered before the shutdown period.

Financial regulation in a digital world

12 November 2018

A speech by John Price, ASIC Commissioner, at the Monash Centre For Commercial Law and Regulatory Studies Symposium, (Melbourne, Australia) 12 November 2018.

Read the speech

CFTC and ASIC sign FinTech Cooperation Arrangement

5 October 2018

The US Commodity Futures Trading Commission and the ASIC have signed an arrangement to cooperate and support innovation through each other’s financial technology initiatives – CFTC’s LabCFTC and ASIC’s Innovation Hub.

Read the media release

Luxembourg and Australia enter agreement on fintech and regtech

4 October 2018

The Luxembourg Commission de Surveillance du Secteur Financier and the Australian Securities and Investments Commission have signed a Cooperation Agreement which provides a framework for cooperation to understand financial innovation in each jurisdiction.

Read the media release

Consultation on the proposed establishment of a Global Financial Innovation Network

8 August 2018

ASIC is, in collaboration with 11 international financial regulators, and related organisations, consulting on the proposed creation of the Global Financial Innovation Network (GFIN).

Read the media release

#Accelerate Regtech 2018: The role of the regulator

3 May 2018

Keynote address by John Price, Commissioner, Australian Securities and Investments Commission, Accelerate Regtech 2018 (Sydney, Australia), 3 May 2018.

Regtech

Read the speech

ASIC takes action on misleading or deceptive conduct in ICOs

1 May 2018

ASIC is focused on misleading or deceptive conduct in the marketing and selling of digital or virtual tokens via initial coin offerings (ICOs). These offers can involve significant risks for investors that are often not disclosed or well understood.

Read the media release

ASIC update: Initial coin offerings and cryptocurrency

26 April 2018

A speech by John Price, Commissioner, Australian Securities and Investments Commission, Tyro FinTech Hub – Events Space, (Sydney, Australia).

Read the speech

British and Australian regulators strengthen cooperation on fintech through Enhanced Cooperation Agreement 

23 March 2018

The United Kingdom's Financial Conduct Authority ('FCA') and ASIC have signed an Enhanced Cooperation Agreement between their Innovation Hubs to extend their existing agreement of cooperation and coordination on fintech innovation.  This agreement forms part of the broader Fintech Bridge signed by the UK Chancellor of the Exchequer and the Australian Treasurer.

Fca Asic Agreement

Mark Adams, ASIC Senior Executive Leader, Strategic Intelligence signing the agreement with Christopher Woolard, FCA’s Executive Director of Strategy and Competition

Read the media release

ASIC releases tender for Natural Language Processing Trials 

23 February 2018

ASIC has released a tender for Natural Language Processing Trials via AusTender - ATM ID ASIC CPX65. 

The tender is for provision of pilots of Natural Language Processing technologies, including approaches to common supervisory scenarios encountered by ASIC with a view to providing natural language processing technologies solutions.   

For more details, please go to AusTender and download the tender documents. You can search the tender by either the ATM ID or Keyword. 

Find out more information about the tender 

The tender will be closed at 9:00 am, 19 March 2018. 

If you have any questions in relation to this Tender, please email Tenders@asic.gov.au.

ASIC licenses first crowd-sourced funding intermediaries

11 January 2018

ASIC has licensed the first crowd-sourced funding (CSF) intermediaries under the new CSF regime.

Seven companies have been issued with Australian Financial Services (AFS) licence authorisations to act as intermediaries able to provide a crowd-sourced funding service. With the grant of these new authorisations eligible public companies will now be able to use the CSF regime to raise capital by making offers of ordinary shares to investors via the on-line platform of one of these intermediaries.

Read the media release

ASIC's second marketplace lending survey shows the industry continues to grow in Australia

15 December 2017

ASIC has released a report into its second survey of the marketplace lending industry, which has shown steady growth in both borrowing and lending activity in Australia across these platforms.

Read the media release

ASIC broadens fintech cooperation with Canadian regulators

12 December 2017

ASIC has today announced a Cooperation Agreement with Canadian regulators on fintech cooperation. This agreement expands the existing framework for information sharing and also allows the referral of innovative fintech businesses to and from Canada.

Read the media release

ASIC’s regulatory sandbox proposal to remain unchanged

12 December 2017

ASIC has today released a review of its regulatory sandbox, introduced in December 2016. In the review ASIC proposes to retain class waivers known as the fintech licensing exemption, that allow eligible financial technology (fintech) businesses to test certain specified services without holding an Australian financial services or credit licence. ASIC had committed to reviewing its fintech licensing exemption following 12-18 months' operation.

Read the consultation paper

ASIC closure over the festive season

6 December 2017

ASIC offices will be closed from 5.00pm on Friday 22 December 2017 to 8.00am on Tuesday 2 January 2018. During this time requests for informal assistance will not be processed. You can also expect that early in January responding to requests for assistance will take a little longer than usual.

We encourage businesses who have any informal assistance requests or notifications related to the fintech licensing exemption to be sent to the Innovation Hub by Tuesday 12 December 2017 in order to be considered before the shutdown period.

Dubai and Australia seal agreement on fintech cooperation

23 November 2017

The Dubai Financial Services Authority ('DFSA') and ASIC today signed a Cooperation Agreement which provides a framework for cooperation to support and understand financial innovation in each jurisdiction.

Asic Dubai Fintech Agreement Signing

Read the release

The fintech sector opportunity: ASIC perspective

2 November 2017

A speech by Commissioner John Price at the 4th Annual FinTech Summit 2017, Sydney, Australia, 2 November 2017.

Read the speech

ASIC expands network of fintech cooperation agreements to Switzerland

27 October 2017

On 18 October 2017, ASIC and the Swiss Financial Markets Authority (FINMA) entered a new agreement to cooperate on innovation in the financial sector.

The agreement aims to encourage innovation in financial services in Switzerland and Australia, and to support financial services innovators in meeting legal requirements when operating in each country.

Read the media release

The FMA and ASIC confirm trans-Tasman collaborative approach to fintech

19 October 2017

The Financial Markets Authority (FMA) and ASIC have re-affirmed their commitment to collaboration and cooperation on the expanding opportunities in fintech and innovation.

The FMA and ASIC entered a wide-ranging Memorandum of Understanding (MoU) in 2012.

Today in Sydney, senior executives from both regulators discussed the opportunities and challenges of balancing the desire to foster innovation and growth in the emerging fintech industry, while protecting consumers and managing risks. Regulators will assist innovative businesses hoping to make ventures into each other’s markets by providing referrals for advice and support.

Pk Re ASIC Deputy Chairman Peter Kell and FMA CEO Rob Everett agree to continue co-operative work on fintech

Read the media release

Banks and financial technology: will banks become back offices for fintech companies?

12 October 2017

A speech by ASIC Commissioner, John Price.

Fintech is today changing many aspects of financial services. The success of fintech seems a reflection of both a more fundamental shift in the global economy and also a response to declining trust in traditional institutions—including those in the financial sector.

Read the full speech

ASIC provides guidance for initial coin offerings

28 September 2017

We have released guidance to help issuers of initial coin offerings (ICOs) consider their legal obligations when offering coins or tokens.

Read the media release

ASIC facilitates crowd-sourced funding by public companies

21 September 2017

ASIC has released guidance for public companies and crowd-funding platform operators to support them in using the new crowd-sourced funding (CSF) regime, which commences on 29 September 2017.

ASIC Commissioner John Price said, 'Crowd-sourced funding provides an opportunity for small to medium-sized businesses to access an alternate source of capital without the regulatory burden of traditional fundraising. ASIC's new guidance will help public companies and crowd-funding platform operators comply with their obligations under the CSF regime, while supporting investor confidence.'

Read the media release

ASIC’s Regtech Showcase – Opening remarks

18 September 2017

A speech by ASIC Chairman, Greg Medcraft.

'So what is ASIC’s role, and indeed the role for the regulator generally, in this fast moving environment?'

Read the full speech

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

15 September 2017

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.

Read the media release

Applications for crowd-funding licences

12 September 2017

From 29 September 2017, the new crowd-sourced funding regime will come into effect and ASIC will begin accepting licence applications from CSF intermediaries.

Read the media release

ASIC's Regtech Showcase

22 August 2017

With regtech at the top of the minds of both regulators and the private sector, ASIC is hosting a showcase event on 18 September in Sydney to stimulate engagement and explore the opportunities and barriers to regtech deployment.

Read the media release

Abu Dhabi and Australia seal agreement on fintech cooperation

26 July 2017

The Abu Dhabi Global Market ('ADGM') Financial Services Regulatory Authority ('FSRA') and ASIC today signed a Cooperation Agreement which provides a framework for cooperation to support and understand financial innovation in each jurisdiction.

This Agreement expands ASIC's fintech cooperation network to a dynamic region with enormous potential. The Middle East and North Africa (MENA) are currently poised for a fintech boom, with several cities taking steps to establish themselves as fintech hubs. To date, most fintech activity has occurred in the payments space, with startups offering services including bill payment, electronic wallets, mobile and online payment solutions.

Adgm Buiding Front

Read the media release

Podcast: Crowd-sourced funding

20 July 2017

ASIC Commissioner John Price joins the podcast to discuss recent law reform around crowd-sourced funding and ASIC's role in administering the new legislation.

Listen now or download for later

Feedback on regtech report due to ASIC

30 June 2017

This May ASIC released report 523 ASIC’s Innovation Hub and our approach to regulatory technology, seeking input from innovative financial businesses, technology businesses, financial services providers, academics, professional firms, consumer representatives and other interested parties on ASIC's proposed approach to regtech. Feedback submissions are due on 04 July 2017. We look forward to hearing your ideas.

Read the report 

Malaysia and Australia seal agreement on fintech cooperation

29 June 2017

On 27 June 2017 the Malaysia Securities Commission ('SC') and ASIC signed a Cooperation Agreement which provides a framework for cooperation to support and understand financial innovation in each economy.

Sc Asic Agreement Signing

Read the media release

Japan and Australia cooperate on fintech

23 June 2017

The Japan Financial Services Agency ('JFSA') and Australian Securities and Investments Commission ('ASIC') today announced the completion of a framework for cooperation to promote innovation in financial services in Japan and Australia.

Jfsa Asic Signing

Read the media release 

ASIC commences consultation on proposed guidance on crowd-sourced funding

22 June 2017

ASIC today released two consultation papers proposing guidance for public companies and intermediaries (i.e. crowd funding platform operators) to assist them in using the new crowd-sourced funding (CSF) regime commencing on 29 September 2017.

Read the media release

Crowd-sourced funding regulations

21 June 2017

The Government has now made and published the crowd-sourced funding regulations.

ASIC will shortly commence consultation on regulatory guidance for:

    • intermediaries seeking to provide CSF services;
    • companies seeking to raise funds on a platform of a CSF intermediary

Stay tuned for further announcements.

Hong Kong and Australia seal agreement on fintech cooperation

13 June 2017

The Hong Kong Securities and Futures Commission and ASIC have signed a Co-operation Agreement which provides a framework for cooperation to support and understand financial innovation in each economy.

Sfc Asic Signing 13 June 2017

Read the media release

ASIC survey offers snapshot of marketplace lending in Australia

1 June 2017

ASIC today released a report on its first survey of various participants in the marketplace lending industry and our broader activities relating to marketplace lending.

Read the media release 

ASIC proposes next steps on regtech

26 May 2017

ASIC will establish a new regtech industry liaison network, conduct a number of new technology trials using regtech applications and establish a 'hackathon' later this year to help identify roadblocks to the successful and rapid take-up of the sector.

The initiatives are among a range of proposals covered in Report 523 ASIC’s Innovation Hub and our approach to regulatory technology, released today, covering ASIC's approach to regtech and inviting feedback from the sector and wider industry.

Read the media release 

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.

Asic Ojk1

Asic Ojk2

Read the media release

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.

Read the speech 

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.

Read the speech and view the presentation slides (PPSX 1.1MB)

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.

Read the release

Distributed ledger technology (blockchain)

20 March 2017

ASIC has released an information sheet on evaluating distributed ledger technology (DLT), also known as blockchain technology.

Read the media release 

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.

Read the media release 

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.

Read the media release 

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.

Read the media release 

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.

Read Regulatory Guide 255 Providing digital financial product advice to retail clients 

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.

Download ASIC View Episode 11 

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.

Read the media release 

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.

More details on the meetup 

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.

Read the media release and download the paper

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.

View the slides of the joint presentation

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.

Read more about the agreement 

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.

Read the information sheet

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News

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Financial Advice Promotions Symposium

2 August 2019

This inaugural Regtech Initiatives event successfully wrapped up. It displayed how regtech can help improve compliance and quality of financial promotions and advertising, both printed and online.

Click here to watch the livestream

Find out more

Fintech innovations podcasts

31 July 2019

This podcast series from Toronto Centre gives regulatory and market perspectives on fintech innovations currently taking place in Australia.

Introducing the newest technology to capital markets - Oliver Harvey, ASIC and Katie McDermott, ASX provide regulator and industry perspectives.

To protect or to foster innovation: An inside look at a regulator's initiative to do both -  Mark Adams, ASIC

Listen to the podcasts


 

Archive

Events

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Financial Advice Files Symposium
22 August 2019

This event will demonstrate how regtech can be used to improve compliance in Australia’s financial industry and advice outcomes for consumers.

Join the discussion on Sli.do

Join the day's livestream

Find out more


Archive

Last updated: 06/05/2019 02:30