ASIC seeking innovation in financial services
The Australian Securities and Investment Commission (ASIC) has invited stakeholders to provide
feedback on its consultation paper Further measures to facilitate innovation in financial services
(Consultation Paper). The Consultation Paper details ASIC's approach to facilitating innovation in
financial services, which is centred upon increasing flexibility in the financial services framework.
The Consultation Paper proposes the following measures:
• ASIC providing additional guidance on when a responsible manager has appropriate
knowledge and skills;
• modifying ASIC policies to allow some small-scale, heavily automated businesses to rely, in
part, on sign-off from an appropriately experienced third party in order to meet their
organisational competence obligation; and
• a conditional, industry-wide exemption to allow new Australian businesses to test certain
financial services for six months without holding an Australian Financial Services licence.
ASIC seeks feedback from interested stakeholders to determine whether the proposed measures will
The Consultation Paper is part of a broader review of regulatory guidance for financial services. ASIC
is expected to issue a final guidance document in December 2016. Stakeholders can make
submissions on the Consultation Paper by 22 July 2016 here.
For more information, please contact Anne-Marie Allgrove, Toby Patten or Matthew Dempsey.