Financial Services and Credit Quarterly Update – January 2018

North Sydney business lawyers

Welcome to 2018. 2017 ended with a bang, in the form of a Royal Commission into misconduct in the banking, superannuation and financial services industries announced on 30 November. You’ll find an overview of the Royal Commission and other developments in the last quarter of 2017 in our latest Financial …

Open Banking for Australia: hand over your data

The Federal Government announced in the 2017-18 Budget that it would introduce an “Open Banking” regime in Australia. Under Open Banking, banks will have to share product and customer data with customers and third parties, if the customer gives consent. There is already plenty of sharing of bank data. Accounting software such …

Australian Fintech Regulation 101

Click here to get our one page basic overview of the main legislation and codes affecting fintech business in Australia.

Financial Services and Credit Quarterly Update October 2017

Our latest Financial Services and Credit Quarterly Update for the third quarter of 2017 can be downloaded here. In the last 3 months, APRA has been much in the news: draft legislation for the APRA-administered BEAR has now been released; APRA is consulting on a new regime to make it easier to become …

What’s happening with crowdfunding

Starts soon Equity crowdfunding will finally begin in Australia from 29 September 2017. When we last reviewed crowdfunding a year ago, Australia’s efforts to introduce crowdfunding laws had been stalled by the 2016 election. After the election, the proposed legislation was brought back and passed through the Parliament in March 2017. Even before the …

Financial Services and Credit Quarterly Update July 2017

Our latest Financial Services and Credit Quarterly Update for the second quarter of 2017 can be downloaded here. In the last three months there have been a number of important announcements in the Federal Budget affecting the financial services sector. These include: the new big bank levy, which is also …

Regtech rising

Fintech lawyers sydney

No doubt you’ve heard about fintech, but what about “regtech”? Fintech is about using technology to provide financial services. Regtech is about using technology to comply with regulation. Regtech is not limited to the financial services sector, but that’s where it is growing, for two reasons I think. There is …

Sandbox or sandtrap?

Like many occupations and professions today, you must get a licence to carry on a financial services or consumer credit business, unless you’re lucky enough to fit within an exemption. It’s not easy to get a financial services or credit licence. But until you get one, you can’t really test …

Data access and transfer rights – a new regulatory framework proposed

The generation of data is increasing exponentially: it is estimated that 90% of the world’s information has been created in just the last two years. The Productivity Commission believes Australia’s regulatory framework to deal with this tsunami of information is out of date and needs to be overhauled. Its draft …