Regtech

The Innovation Hub has expanded to assist regtech businesses focused on the delivery of regulatory requirements more efficiently and effectively than existing capabilities. ASIC welcomes contact from both new and established regtech businesses and is keen to learn more about the work you are doing.

Regtech has enormous potential to help organisations build a culture of compliance, identify learning opportunities and save time and money relating to regulatory matters.

It also has potential to support ASIC in the way it undertakes its regulatory work, including engaging with industry.

We are keen to hear from businesses that wish to share their progress in the regtech space, as well as those seeking informal assistance in developing their business.

Some of the problems regtech businesses are addressing include:

  • identity verification,
  • fraud prevention through transaction analysis,
  • trade tracking and analysis,
  • anti-money laundering (AMI),
  • know your customer (KYC) compliance, and
  • monitoring culture through people analytics.

We are also seeing regtech developments in the following areas:

  • automation of previously manual processes,
  • collection of standardised compliance data in real time,
  • analysis of large data sets for compliance risk and monitoring, and
  • automatic generation of reports.

How can ASIC help?

ASIC, through the Innovation Hub:

  • engages with the regtech community by hosting and attending events and meetups,
  • meets with international regulatory counterparts to discuss regtech developments and policy proposals,
  • assists regtech businesses that are focused on helping clients meet their regulatory requirements more efficiently and effectively than existing capabilities.

The type of informal assistance we provide will depend on several factors, including the type of regtech product or service, the degree of certainty around the business model and the criteria listed below. For some businesses we may respond in writing; for others we may arrange a meeting to discuss their proposals. The more developed your business model is, the more specific we can be on any guidance that we provide.

It is important to note that ASIC will not endorse any regtech businesses that engage with us through the Innovation Hub or otherwise.

Eligibility criteria for informal assistance

At the base level your business must be either a start up or established business developing or providing regtech products or services. In addition to this, you need to address the following key criteria:

Innovation that promotes a better outcome for investors and financial consumers

Whether an innovative regtech product or service can potentially promote a better outcome for investors, financial consumers and markets.

Innovation that has the potential to raise standards of risk management or compliance

The extent to which a regtech product or service will align with and promote ASIC's regulatory objectives through improved risk management or compliance.

Innovation that has the potential to promote information sharing with ASIC

The extent to which regtech tools and systems promote the efficient and effective sharing of information with ASIC.

Requesting assistance

ASIC will consider all requests through the Innovation Hub and aims to help as many businesses as possible.

To request informal assistance please complete the following form:

Regtech engagement form

Your answers to the questions in this form will help us to understand your business, and the type of help you might need. It is a tool to help start our discussion - it is intended to be quick for you to complete, and not to be a barrier to seeking help.

Submit any questions and/or your completed form (with any relevant attachments you wish to include) to us at innovationhub@asic.gov.au.

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News

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Crowd-sourced funding guidance

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We have released guidance for public companies and crowd-funding platform operators to support them in using the new crowd-sourced funding regime, which commences on 29 September 2017.

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ASIC's Regtech Showcase - Opening remarks
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by ASIC Chairman, Greg Medcraft.

'So what is ASIC’s role, and indeed the role for the regulator generally, in this fast moving environment?'

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Podcasts

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Crowd-sourced funding

ASIC Commissioner John Price joins the podcast to discuss recent law reform around crowd-sourced funding and ASIC's role in administering the new legislation.

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Last updated: 10/05/2017 09:53