sandbox Archives

On 19 October, the Australian Securities & Investments Commission (ASIC) and New Zealand’s Financial Markets Authority (FMA) “re-affirmed” a commitment to collaboration and cooperation on the expanding opportunities in FinTech collaboration and innovation. [caption id="attachment_2545" align="alignnone" width="640"] fintech-collaboration[/caption] However, in that media release, there is little detail on what practical opportunities this may provide for Australian business. In today’s article, we describe how this announcement might present a change for Australian businesses and point out three things that an Australian business needs to take into account when considering whether to offer a FinTech service in New Zealand. Fintech collaboration - What’s changed? The ASIC/FMA announcement is more than just a “re-affirmation” of the existing relationship between the two regulators. The existing Memorandum of Understanding between the regulators in both countries…

On Thursday, 26 October, the Annual Report of the Australian Securities & Investments Commission (ASIC) was tabled in the House of Representatives. As one of the chief compliance authorities for business in Australia, it is worth taking a look at ASIC’s report with a focus on ASIC’s current and future compliance activities. We look at four areas identified in that report which will be most relevant to business compliance: regulatory reform, enforcement activities, supporting innovation and ASIC technology and processes. Regulatory Reform ASIC notes several areas of regulatory change that ASIC has implemented or been actively involved (see Annual Report, p3). Some of these we have commented on over the last six months including: Client money reforms (see An update on the OTC derivative client money reforms: be ready for…

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The Australia/NZ FinTech collaboration: Three things to bear in mind if offering FinTech services across the Tasman

ASIC Annual Report: Current and future directions for compliance