FMA and ASIC meet in Sydney to discuss innovation and fintech opportunities
The Financial Markets Authority (FMA) and the Australian Securities and Investment Commission (ASIC) have reaffirmed their commitment to collaboration and cooperation on expanding opportunities in fintech and innovation.
Senior executives from both regulators discussed the opportunities and challenges of balancing the desire to foster innovation and growth in the emerging fintech industry, while protecting consumers and managing risks.
The FMA said regulators will assist innovative businesses hoping to make ventures into each other’s markets by providing referrals for advice and support.
FMA Director of Capital Markets Garth Stanish said, “ASIC and the FMA have a strong relationship in all the areas we regulate. Our mutual commitment to innovation and fintech is no different. We’ll continue to share information and views on the regulatory issues arising from emerging technology and increasing innovation.”
ASIC Commissioner John Price said, “We’re pleased to further develop our relationship with the FMA and demonstrate our collaborative approach in this space. Across the Tasman we’ll continue to cooperate with the FMA and refer new businesses where they have an appetite to work in both jurisdictions.”
The FMA wants to facilitate responsible innovation, and ensure that the regulatory regime remains relevant and agile. This is supported by the Financial Markets Conduct Act 2013, as one of its purposes is ‘to promote innovation and flexibility in financial markets’.
The FMA established an Innovation Strategy Group (ISG) in early 2017 to monitor emerging trends in fintech and innovation. The ISG also ensures a consistent, coordinated FMA approach to engaging with market participants and across government.
This week the FMA announced its decision to allow personalised robo-advice services in New Zealand. Providers will need to apply to use an FMA exemption from early 2018. Its Annual Corporate Plan also sets out its areas of focus and key activities under the theme of regulating for rapid technological innovation.
The FMA and ASIC entered a wide-ranging Memorandum of Understanding (MoU) in 2012.
Related stories:
FMA grants robo advice
FMA files insider trading charges
Senior executives from both regulators discussed the opportunities and challenges of balancing the desire to foster innovation and growth in the emerging fintech industry, while protecting consumers and managing risks.
The FMA said regulators will assist innovative businesses hoping to make ventures into each other’s markets by providing referrals for advice and support.
FMA Director of Capital Markets Garth Stanish said, “ASIC and the FMA have a strong relationship in all the areas we regulate. Our mutual commitment to innovation and fintech is no different. We’ll continue to share information and views on the regulatory issues arising from emerging technology and increasing innovation.”
ASIC Commissioner John Price said, “We’re pleased to further develop our relationship with the FMA and demonstrate our collaborative approach in this space. Across the Tasman we’ll continue to cooperate with the FMA and refer new businesses where they have an appetite to work in both jurisdictions.”
The FMA wants to facilitate responsible innovation, and ensure that the regulatory regime remains relevant and agile. This is supported by the Financial Markets Conduct Act 2013, as one of its purposes is ‘to promote innovation and flexibility in financial markets’.
The FMA established an Innovation Strategy Group (ISG) in early 2017 to monitor emerging trends in fintech and innovation. The ISG also ensures a consistent, coordinated FMA approach to engaging with market participants and across government.
This week the FMA announced its decision to allow personalised robo-advice services in New Zealand. Providers will need to apply to use an FMA exemption from early 2018. Its Annual Corporate Plan also sets out its areas of focus and key activities under the theme of regulating for rapid technological innovation.
The FMA and ASIC entered a wide-ranging Memorandum of Understanding (MoU) in 2012.
Related stories:
FMA grants robo advice
FMA files insider trading charges
