Archive: September 13, 2017

1
Australian Securities and Investments Commission announces the commencement date for its crowd-sourced funding regime
2
Switzerland and Israel sign cooperation agreement

Australian Securities and Investments Commission announces the commencement date for its crowd-sourced funding regime

By Jim Bulling, Daniel Knight and Felix Charlesworth

The Australian Securities and Investments Commission (ASIC) has announced that will begin accepting applications under its new crowd sourced funding  (CSF) regime from 29 September 2017 onwards. From this date, applications can be submitted via the existing ASIC ‘eLicensing’ portal.

In preparation for the commencement of the CSF regime, ASIC has released an information sheet outlining:

  1. the expected application process and timeframe; and
  2. its approach of assessing applicants.

During the period between 29 September 2017 and 27 October 2017, ASIC will assess applications lodged on similar dates in ‘batches.’ Successful applications from each batch will progress broadly at the same time. Incomplete or inadequate applications lodged during this period may be refused or placed in later application batches. Applications which are lodged from 27 October 2017 onwards will be considered individually as soon as possible.

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Switzerland and Israel sign cooperation agreement

By Jonathan Lawrence

Swiss and Israeli financial regulators entered into a FinTech cooperation agreement on 4 September.  The Swiss Financial Market Supervisory Authority (FINMA), the Israeli Capital Markets Insurance and Savings Authority (CMISA) and the Israel Securities Authority (“ISA”) intend to cooperate with the aim of encouraging and enabling innovation in their respective financial services industries and of supporting financial innovators in complying with the regulations in each other’s jurisdictions.

The agreement sets out existing activities in the FinTech regulatory space by each regulator. The new cooperation will include information sharing (including on regulatory issues), support to financial innovators from the other’s country (including help to understand the relevant regulatory environment), dialogue on new innovations and knowledge and expertise sharing.

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