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Enhanced Regulatory Sandbox

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) is open until 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.

Responding

You can submit responses to this consultation up until 1 December 2017.

Interested parties are invited to comment on this consultation.

While submissions may be lodged electronically or by post, electronic lodgement is preferred. For accessibility reasons, please submit responses sent via email in a Word or RTF format. An additional PDF version may also be submitted.

All information (including name and address details) contained in submissions will be made available to the public on the Treasury website unless you indicate that you would like all or part of your submission to remain in confidence. Automatically generated confidentiality statements in emails do not suffice for this purpose. Respondents who would like part of their submission to remain in confidence should provide this information marked as such in a separate attachment.

Legal requirements, such as those imposed by the Freedom of Information Act 1982, may affect the confidentiality of your submission.

How to respond

Post

Address written submissions to:

Shellie Davis
Senior Adviser
Financial System Division
The Treasury
Langton Crescent
PARKES ACT 2600

Enquiries

sandbox@treasury.gov.au+61 2 6263 4406 Shellie Davis