A Better Model for Australia’s Enhanced FinTech Sandbox

37 Pages Posted: 16 Jun 2021 Last revised: 1 Oct 2021

See all articles by Anton N. Didenko

Anton N. Didenko

University of New South Wales (UNSW) - Faculty of Law

Date Written: June 14, 2021

Abstract

On 1 September 2020, Australia’s ‘enhanced regulatory sandbox’ (ERS) finally became operational. The ERS replaced the previous FinTech sandbox established and operated by the Australian Securities and Investments Commission (ASIC), which had existed since 2016 but attracted only seven participants. This research analyses how and why Australia’s sandbox framework – with its unique non-authorisation model of operation – has evolved until now and evaluates whether the new enhanced sandbox regime can help to achieve its stated objectives. This article shows that the current sandbox reform merely scrapes the surface of the many challenges underlying ASIC’s FinTech sandbox and argues that these challenges can only be adequately resolved by revising the chosen sandbox model and switching to an authorisation-based sandbox design.

Keywords: financial technology, FinTech, sandbox, enhanced, Australia, financial regulation, ASIC, reform

Suggested Citation

Didenko, Anton N., A Better Model for Australia’s Enhanced FinTech Sandbox (June 14, 2021). (2021) 44(3) University of New South Wales Law Journal, 1078-1113, UNSW Law Research Paper No. 21-53, Available at SSRN: https://ssrn.com/abstract=3866585

Anton N. Didenko (Contact Author)

University of New South Wales (UNSW) - Faculty of Law ( email )

Kensington, New South Wales 2052
Australia

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
103
Abstract Views
486
rank
326,736
PlumX Metrics