As announced in the 2017-18 Budget, the Government is introducing a legislative framework for an enhanced regulatory sandbox to enable new and innovative financial technology (FinTech) products and services to be tested in Australia. This will extend the scope of activities and the timeframe beyond that of the regulatory sandbox launched by ASIC in December 2016.
The consultation on the exposure draft legislation (and accompanying explanatory memorandum) closed on 3 November 2017. The Bill extends regulation-making powers to enable an exemption from obtaining an Australian Financial Services Licence (AFSL) and/or an Australian Credit Licence (ACL) under certain conditions for the purposes of testing financial and credit services and products.
The consultation on the exposure draft regulations (and accompanying explanatory statement) closed on 1 December 2017. The regulations contain the policy design details for the licensing exemptions, including the eligibility criteria, the eligible types of products and services, and the conditions which must be met by those using the exemption.