Australia

Topic: FinTech

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Consensus New York & Blockchain week – key takeaways

Partners from our global FinTech team flew in from Hong Kong, Vancouver, London and Dallas to join our New York team to attend Consensus and Blockchain week in NYC (13-15 May).  Consensus is an annual global conference which brings together the world’s most innovative minds to explore and debate the future of blockchain and crypto. … Continue Reading

Consumer Data Right and Open Banking: Government moves forward on legislation

The Australian Treasury has recently released draft legislation[1] with respect to Consumer Data Right (CDR) for a second round of public consultation.  Under the proposed CDR regime, businesses in certain sectors of the economy will be compelled to provide consumers (individuals and business customers) with access to particular data, including their transactions, usage and product … Continue Reading

APRA’s review of the superannuation prudential framework

On 23 May 2018 APRA announced that it would conduct a review of the superannuation prudential framework that was introduced in 2013 as part of the Stronger Super reforms.[1] The consultation is scheduled to take place over a four-month period and involve both formal and informal feedback from stakeholders across the superannuation industry. The structure … Continue Reading

In the age of disruption, ASIC is a pioneer for cross-border regulation

In an attempt to respond swiftly to some of the risks and challenges that have arisen from technological developments and information sharing, ASIC has become one of the first signatories to the newest standards for cross-border enforcement. The latest Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (EMMoU) builds … Continue Reading

ASIC consults on its proposal to repeal and replace the ASIC class orders for Foreign Financial Services Providers with modified licensing regime

ASIC has released CP 301, a consultation paper which proposes a modified licensing regime (in place of the current FFSP relief available for FFSPs in certain jurisdictions) for foreign financial services providers carrying on a financial services business in Australia, with submissions due by 31 July 2018. Background In 2003, ASIC issued class order relief … Continue Reading

What Australian financial institutions need to know about cybersecurity and responding to cyber-attacks

It has been 3 months since Australia’s Notifiable Data Breach Scheme (NDB Scheme)[1] came into force and, already, the Office of the Australian Information Commissioner (OAIC) is receiving many notifications of cyber-attacks and other data breaches – both voluntarily and under the NDB Scheme. We will see even greater awareness of cybersecurity and data protection … Continue Reading

ASIC updates INFO 225: Corporate regulator bytes back at misleading and deceptive ICOs

The Australian Securities and Investments Commission (ASIC) has released its updated guidance with respect to the treatment of initial coin offerings (ICOs) and cryptocurrencies. In its updated Information Sheet (INFO 225), the corporate regulator has clearly outlined its intent to crack down on any misleading or deceptive conduct by ICO issuers and cryptocurrency traders. Misleading … Continue Reading

Taking a byte at financial crime: New AML/CTF guidance and timelines for digital currency exchanges

Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulator, AUSTRAC, has released its guidance with respect to new laws that require digital currency exchange (DCE) providers to register and comply with AML/CTF obligations. AUSTRAC takes a broad approach in interpreting what is covered within the legal definition of a DCE. Essentially, any operation that converts fiat … Continue Reading

Listed funds holding crypto-assets: ASX’s position

Increasingly, clients are coming to us for regulatory advice surrounding the mining of cryptocurrency tokens, operating digital currency exchanges, raising funds through Initial Coin Offerings, and investments involving cryptocurrencies. On the heels of such heightened interest in investing in cryptocurrencies, the Australian Securities Exchange (ASX) has released their guidance with respect to Listed Investment Companies … Continue Reading

Changing the digital currency game: new laws to regulate Bitcoin in Australia

Ever since the infamous Silk Road website was investigated and shut down by the US Federal Bureau of Investigation in 2013, and again in 2014, for facilitating the trafficking of illegal narcotics on the “darknet” using Bitcoin, the world of digital currencies has never been the same. Once upon a time Bitcoin was often used … Continue Reading

Extending data protection protocols for financial institutions: A reminder to hold third party service providers accountable

Recent instances of cyber-attacks targeting third party service providers of government agencies and private sector organisations have coincided with the latest release of the Australian Cyber Security Centre (ACSC)’s 2017 Threat Report. This report comes as a timely reminder of the ongoing digital threats to organisations, such as those in the financial services sector, especially … Continue Reading

ASIC releases guidance on Crowd-Sourced Funding Intermediary Licencing

It is an exciting time for Australian equity market participants with a new crowd-sourced funding (CSF) regime due to commence on Friday 29 September 2017.  CSF, in essence, involves raising funds, usually through an online intermediary, from a large number of people who each make relatively small financial contributions. Australia’s new regime, introduced in Pt … Continue Reading

Removing the double taxation of digital currency: start date 1 July 2017

The Australian economy is in the midst of a major transformation, moving from growth led by investment in resources projects to broader-based drivers of growth in the remainder of the economy. The Australian Government is facilitating this transition from a mining boom to an ideas boom through policy changes that encourage new ideas and propel … Continue Reading

Reinventing the regulatory landscape

Introduction Earlier this year Data 61 issued its landmark report on distributed ledgers and the scenarios for the Australian economy over the coming decades. Perceptively, the government funded report noted that we are now living “in an era of rapid technology-fuelled change, which is creating complex strategy and policy choices for governments and companies.” The … Continue Reading

Hong Kong and Australia seal agreement on fintech cooperation

There is an argument that the financial services sector is always changing and that fintech is a case of déjà vu. For those of us with some grey hair we have seen important innovations such as credit cards, automated banking machines and, more recently, online banking. But such innovation did not revolutionise financial services, even … Continue Reading

Annual Financial Institution Symposium

Norton Rose Fulbright is pleased to offer you a rare opportunity to hear from some of the leading voices in risk and disruption. We will be hosting our annual Financial Institutions Symposium in our Sydney office on Thursday 27 October 2016. Discussion will focus on current ‘Risks & Disruptors’ in the global technology and regulatory … Continue Reading

Australian corporate regulator consults on a proposed ‘regulatory sandbox’ licensing exemption for financial technology start-ups

Encouraging innovation in financial services has been a key policy initiative of the Federal Government in recent times. In its May budget, the Treasurer announced a plan to create a technologically driven and innovation-based economy. The Australian corporate and conduct regulator, ASIC, has driven this commitment to innovation. In April 2015, it established its ‘Innovation … Continue Reading

New incentives for investors in early stage venture capital funds

Executive Summary The recent passing of the Tax Laws Amendment (Tax Incentives for Innovation) Act 2016 (Act) reflects the Federal Government’s commitment to further its National Innovation and Science Agenda.  The measures should help in boosting the use of pooled venture capital focused funds as a way of channelling investor capital into otherwise cash starved … Continue Reading
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