ASIC trying to move with tech
Corporate regulator ASIC is making changes to keep up with rapidly changing tech sectors.
ASIC set up a finance technology regulatory “sandbox” last year, which provides a space for start-ups to test their ideas and see how they would be regulated before they have to obtain any complex and expensive licences.
Now, the regulator wants to create a related liaison group for regulatory technology (regtech).
The regtech liaison group will bring together fintech and other tech firms, academics, consultancies and consumer bodies, and regulators.
ASIC is planning meetings of the group every four months, so interested parties can network and discuss regtech developments and collaboration opportunities.
“ASIC believes regtech can help organisations build a culture of compliance, identify learning opportunities and save time and money relating to regulatory matters, while improving compliance and outcomes for consumers. Our goal is to see the community benefit from these new technologies whilst minimising any potential risks,” ASIC Commissioner John Price said.
New initiatives proposed by ASIC include:
Establishing new regtech liaison group
To establish a new regtech liaison group comprising industry, technology firms, academics, consultancies, regulators and consumer bodies where ASIC proposes to play the role of enabler, convener and catalyst. The group is intended to enable networking, discussion of regtech developments and collaboration opportunities that promote positive applications of regtech.
Continued use of technology trials
To commit to a number of new trials using regtech technologies in ASIC's regulatory, supervisory and enforcement work. ASIC would look to update the market and share knowledge on the new regtech applications to promote wider use of technologies that promote good consumer and market integrity outcomes.
To undertake a problem-solving event ('hackathon') together with industry later in 2017. ASIC considers such events to have potential to catalyse thinking and approaches to deal with regulating problems commonly faced by the financial sector and looks to the sector to help identify potential challenges to solve.
More details are available in the ASIC’s new report - ASIC’s Innovation Hub and our approach to regulatory technology.