The Treasury Laws Amendment (2018 Measures No. 2) Bill 2018 has been introduced into the House of Representatives by the Government in order to provide power for ASIC to make FinTech sandbox regulatory licensing exceptions. Background.
The Bill will amend the Corporations Act 2001 and the National Consumer Credit Protection Act 2009 to expand ASIC’s regulation-making powers to allow the regulations to provide for exemptions from the Australian Financial Services Licence and Australian Credit Licence requirements for the purposes of testing financial and credit products and services under certain conditions.
The amendments will take effect the day after Royal Assent.