February Fintech Roundup: The Open Banking Review and Fintech lending to SMEs

February Fintech Roundup: The Open Banking Review and Fintech lending to SMEs

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February Fintech Roundup: The Open Banking Review and Fintech lending to SMEs. In February we saw the release of two reports that could have a significant impact on financial technology (fintech) in Australia. The first is the final report of the ‘Open Banking Review’ which is currently open for public consultation. The second is a collaborative report from the Australian Small Business and Family Enterprise Ombudsman (ASBFEO), FinTech Australia and the BankDoctor into fintech lending to small and medium-sized enterprises (SMEs). Today we address the key impacts these reports could have on fintech businesses (fintechs). Photo by Fabrizio Verrecchia on Unsplash By Dr Drew Donnelly, Compliance Quarter.  Open Banking Review: Final Report In February 2018, the final report of the Open Banking Review was released for consultation (https://treasury.gov.au/consultation/c2018-t247313/).  The report recommends that all…
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Embedded Network Managers in Queensland: What’s the Deal?

Embedded Network Managers in Queensland: What’s the Deal?

AU Energy Compliance
Embedded Network Managers in Queensland: What's the Deal? In a previous post, we looked at the Electricity and Other Legislation (Batteries and Premium Feed-in Tariff) Amendment Bill 2018 (the 'Bill'). Today we want to update you on the progress of the Bill and answer the key question: Do consumers in QLD have power of choice? Photo by Samuel Scrimshaw on Unsplash By Connor James, Compliance Quarter.  In our previous post, we discussed the Bill and noted that: The accepted view is that the effect of this provision (section 23 (2)) prevents residents in embedded networks from fitting the definition of ‘customer’. Therefore, the current law leaves it unclear as to whether embedded network customers in Queensland have the power to change to a retailer of their choice under the National Electricity Law. Section 23…
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New Registration Exemption Guideline released

AU Energy Compliance
By Anne Wardell, Compliance Quarter.  The Australian Energy Regulator (AER) has released an updated Electricity Service Provider - Registration Exemption Guideline Version 6 March 2018 (new Guideline). The new Registration Exemption Guideline commenced on 1 March 2018 and introduces two new exemption classes for small and large Dedicated Connection Assets. Other changes address associated issues related to the connection of generation assets to exempt networks; and harmonise the Network Exemption Guideline's dispute resolution and ombudsman access provisions with those proposed for the Retail Exempt Selling Guideline. The main impetus for the changes to the new Guideline was the release by the Australian Energy Market Commission (AEMC) of the Transmission Connection and Planning Arrangements Rule Determination. That rule required the AER to amend the existing Registration Exemption Guideline to give effect to…
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