Policy Update - February #2
Strategic Examination of R&D Consultation
The Department of Industry, Science and Resources (DISR) sought feedback on its Strategic Examination of Research & Development system. An independent expert panel will lead the review, with exploration into how Australia can encourage further research and home-grown ideas.
The panel has developed the consultation discussion paper, which outlines consideration around topics such as:
Maximise the value of existing investment in R&D
Strengthen linkages between research and industry
Support the achievement of national priorities
Drive greater R&D investment by the industry and boost innovation
Uplift Australia’s overall R&D intensity.
FinTech Australia is considering submitting and will gauge interest from members before proceeding. If you would like to contribute or share your views, please contact our policy team.
ASIC Invites Feedback for CS 16 Reportable Situations - Additional Relief
ASIC is inviting feedback for a proposal on providing additional relief under the reportable situations regime for misleading and deceptive conduct (MDC) provisions and certain civil penalty provisions (CPPs). Reports under the current regime have found that MDC and CPP breaches were reported to have any valuable significance, with ASIC noting that any report involves a cost to the licensee.
ASIC in light of this, is proposing to find relief from these reporting breaches in MDC provisions and CPPs when:
The breach has been rectified within 30 days from when it first occurred (this includes paying any necessary remediation), and
The number of impacted consumers does not exceed five, and
The total financial loss or damage to all impacted consumers resulting from the breach does not exceed $500 (including where the loss has been remediated), and
The breach is not a contravention of the client money reporting rules and clearing and settlement rules.
FinTech Australia does not plan to make a submission; members interested in contributing are encouraged to contact our policy team. The consultation closes on 11 March 2025.
Other news
ASIC Promotes Competition through New Cleaning and Settlement Rules - ASIC has introduced new cleaning and settlement rules aimed at promoting competition within Australia's financial system. The changes are intended to boost market efficiency and deliver a more resilient cleaning and settlement framework.
