ARTICLE · 25 DECEMBER 2016

ASIC opens the Sandbox for FinTechs to play

HopgoodGanim

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The Sandbox Exemption provides a "safe place" for FinTech start-ups to develop their concept without an AFS licence.

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Earlier this year, HopgoodGanim published an article discussing ASIC's proposal to introduce an Australian Financial Services (AFS) licencing exemption to enable FinTechs to test their services or products without having to invest the time and money to obtain an AFS licence (Sandbox Exemption).

ASIC has now finalised its position by introducing ASIC Corporations (Concept Validation Licensing Exemption) Instrument 2016/1175, ASIC Credit (Concept Validation Licensing Exemption) Instrument 2016/1176 and publishing Regulatory Guide 257, which provide detail regarding eligibility, notification of reliance procedures and conditions applying to FinTechs utilising the Sandbox Exemption.

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