The Australian Securities and Investments Commission (ASIC) has moved to clear the way for financial services technology start-ups by canvassing a "regulatory sandbox" approach which would allow companies to test certain financial services for six months without holding an Australian Financial Services Licence (AFSL).
The regulator has canvassed the new approach within an industry consultation paper released this week which substantially reflects the policy approach outlined by the Government before the calling of the 2 July Federal Election.
ASIC has outlined the options it is considering as being:
Commenting on the options paper, ASIC Commissioner, John Price said the regulator had sought to identify the major obstacles via its so-called innovation hub.
"We believe the measures proposed in this consultation paper will help to lower barriers to entry faced by fintech start-ups by providing cost reductions and promoting efficiency in the provision of financial services whilst maintaining the fundamental principles of the regulatory and licensing framework," he said.
Price said the proposed licensing exemption compared favourably to measures in other jurisdictions as it would allow some fintech businesses to commence testing of certain product offerings in the absence of detailed assessment by the regulator.
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The prudential regulator has announced it will publish new expenditure data of superannuation funds, providing details on expenses like advice, director remuneration, and payments to unions.
Affirming the UK’s growing attractiveness as an investment destination, a number of Australia’s largest investors recently joined the UK Foreign Secretary for an exclusive briefing in Canberra to discuss further opportunities for trade and growth.
The specialist superannuation law advisory practice is set to wind up, with managing partner Jonathan Steffanoni planning to bring a new offering to market.
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