Tag: Australia

1
The UK’s Financial Conduct Authority’s David Geale on FinTech regulation
2
What you need to know about capital raising with ICOs (Business Bytes video)
3
ASIC releases its guidance on ICOs
4
Malaysia signs a series of cooperation agreements
5
Australian Government seeks consultation on development and implementation of Digital Economy Strategy
6
Australian Government to end double taxation on digital currency
7
Australian Securities and Investments Commission announces the commencement date for its crowd-sourced funding regime
8
Federal Government extends AML/CTF regulation to capture digital currency exchanges
9
APRA proposes reforms to the ADI Licencing Regime
10
Crowdfunding Regulation Part 2: Guidance For CSF Intermediaries

The UK’s Financial Conduct Authority’s David Geale on FinTech regulation

By Jim Bulling and Michelle Chasser

On 27 September 2017, Fintech Melbourne in partnership with the UK’s Department for International Trade hosted an event on FinTech regulation with the UK Financial Conduct Authority’s (FCA) Director of Policy David Geale.

Interesting points from the night included:

  • The FCA has been, and continues to be, actively involved in engaging in dialogue with industry participants, both large firms and smaller start-ups.
  • As with other global regulators, the FCA is currently focused on blockchain, its potential effect on the market and the FCA’s role. The FCA released a discussion paper on distributed ledger technology earlier this year
  • The FCA recently issued an initial coin offering consumer alert.
  • The number of firms applying for the FCA’s regulatory sandbox exceeded initial expectations.
  • Some of the more interesting concepts that David has seen come through the sandbox put existing technology to a different use such as alternative credit scoring methods (eg using social media) and connected insurance (eg using fitbit data to determine insurance premiums).
  • Some UK firms have been experimenting with using videos to convey regulatory disclosures.
  • Digital identity and open banking are areas of interest going forward.

What you need to know about capital raising with ICOs (Business Bytes video)

There is a lot of noise surrounding capital raising with Initial Coin Offerings (ICOs) and there are updates almost daily from regulators around the globe. For instance, the Australian Securities and Investments Commission (ASIC) released their views on ICOs today (see ‘ASIC releases its guidance on ICOs‘), while China has recently banned this new form of capital raising.

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ASIC releases its guidance on ICOs

By Jim Bulling and Felix Charlesworth

On 28 September 2017, the Australian Securities and Investments Commission (ASIC) released Information Sheet 225 which provides its view on initial coin offerings (ICOs) and their application in relation to the Corporations Act 2001 (Cth).

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Malaysia signs a series of cooperation agreements

By Jonathan Lawrence

On 14 September the Securities Commission Malaysia (SC) announced that it has signed a series of FinTech cooperation agreements with several regulators in major financial centres. The SC has established FinTech bridges with the Hong Kong Securities and Futures Commission (SFC), the Dubai Financial Services Authority (DFSA) and the Monetary Authority of Singapore (MAS). This follows the first agreement signed between the SC and the Australian Securities and Investments Commission (ASIC) in June 2017.

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Australian Government seeks consultation on development and implementation of Digital Economy Strategy

By Jim Bulling and Felix Charlesworth

The Federal Government has released a consultation paper entitled ‘The Digital Economy: Opening up the Conversation.

The consultation paper invites all interested parties across the private and public sectors to contribute to and assist with the development of the Australian Government’s Digital Economy Strategy (Strategy). The Strategy will be launched mid-way through 2018. The Government estimates that adopting a strategy which embraces the emergence of the digital economy could boost the economy by $140 billion to $250 billion over the next 8 years.

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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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Federal Government extends AML/CTF regulation to capture digital currency exchanges

By Michelle Chasser and Felix Charlesworth

On Thursday 17 August 2017, the Minister for Justice tabled the Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2017 (Bill).

The Bill will extend the Australian AML regime to cover digital currency exchange providers. Currently the AML regime applies only to ‘e-currencies’ which are backed by physical things such as bullion or precious metals while digital currencies backed by a cryptographic algorithm such as Bitcoin are excluded. The Bill repeals the definition of ‘e-currency’ and replaces it with the broader term ‘digital currency’ which is defined as a digital representation of value that:

  • functions as a medium of exchange;
  • is not issued by the authority of a government body;
  • is interchangeable with money; and
  • is generally available to members of the public.

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APRA proposes reforms to the ADI Licencing Regime

By Jim Bulling and Felix Charlesworth

On 15 August 2017, the Australian Prudential Regulating Authority (APRA) published a discussion paper entitled Licensing: A phased approach to authorising new entrants to the banking industry. The Discussion Paper proposes changes to APRA’s licensing framework with the introduction of a new restricted ADI licences regime.

This phased approach enables entrants who require time to build resources and capabilities, such as fintech start-ups, to conduct banking related business by reducing conventional barriers to entry such as the requirement to hold at least $50 million in start-up capital.

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Crowdfunding Regulation Part 2: Guidance For CSF Intermediaries

By Jim Bulling, Michelle Chasser and Daniel Knight

The Australian Securities and Investments Commission (ASIC) has published Consultation Paper 289 Crowd-sourced funding: Guide for intermediaries. CP 289 includes a draft Regulatory Guide outlining ASIC’s proposed guidance for crowd-sourced funding platform operators (CSF intermediaries) who can apply to ASIC for a licence from 29 September 2017, including an explanation of the new Corporations Amendment (Crowd-sourced Funding) Regulations 2017.

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