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ARTICLE · 20 JULY 2017

Paving The Way For RegTech: Australian And Canadian Developments

McCarthy Tétrault
McCarthy Tétrault
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Recently, the ASIC, which regulates financial services and markets in Australia, provided recommendations and engaged in consultation on establishing best practices and guiding principles...

CanadaTechnology
CyberLex Blog
CyberLex Blog
Jason Phelan
Jason Phelan
Ana Badour
Ana Badour
Drew Wong
Drew Wong
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Recently, the Australian Securities and Investments Commission (ASIC), which regulates financial services and markets in Australia, provided recommendations and engaged in consultation on establishing best practices and guiding principles for the regulatory technology (RegTech) eco-system in Australia.

As discussed in our previous post in respect of UK developments in the area, "RegTech" can be understood as describing new technologies that facilitate the delivery of regulatory requirements. This demand has been driven by increasing levels of regulations and reporting requirements, which places operational challenges and new risks on the financial services sector. RegTech has the potential to complement financial services providers with streamlined compliance procedures in a cost-effective manner, which could also allow regulators to get access to and process a larger amount of data.

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