ASIC has released Information Sheet 248 Enhanced regulatory sandbox (INFO 248) to assist innovative financial businesses test their products and services without a financial services or credit licence under the enhanced regulatory sandbox which commenced on 1 September 2020. Background.
The expanded ASIC sandbox allows for a longer testing period (of up to 24 months) for a broader range of financial services and credit activities and for a wider range of businesses (including existing licensees).
Applicants will need to complete a prescribed notification form and explain how their proposed product or service satisfies a new public benefit test and innovation test.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
