DOCSLIB.ORG

Select Committee on Financial Technology and Regulatory Technology

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Select Committee on Financial Technology and Regulatory Technology The Senate Select Committee on Financial Technology and Regulatory Technology Select Committee on Financial Technology and Regulatory Technology Interim report September 2020 © Commonwealth of Australia 2020 ISBN 978-1-76093-108-7 This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Australia License. The details of this licence are available on the Creative Commons website: http://creativecommons.org/licenses/by-nc-nd/3.0/au/. Printed by the Senate Printing Unit, Parliament House, Canberra Committee Members Chair Senator Andrew Bragg LP, NSW Deputy Chair Senator Marielle Smith ALP, SA Members Senator Susan McDonald NATS, QLD Senator Rex Patrick IND, SA Senator Paul Scarr LP, QLD Senator Jess Walsh ALP, VIC Secretariat Lyn Beverley, Committee Secretary Christopher Sautelle, Principal Research Officer Kate Campbell, Senior Research Officer Elise Gruttner, Senior Research Officer Claire Rhodes, 2019 Graduate Program Margaret Cahill, Research Officer Shannon Ross, Administrative Officer Committee Webpage: http://www.aph.gov.au/senate_FinRegtech PO Box 6100 Phone: + 61 2 6277 3535 Parliament House Fax: + 61 2 6277 5818 Canberra ACT 2600 Email: [email protected] Australia iii Table of Contents Committee Members ........................................................................................................................ iii List of Recommendations ............................................................................................................... vii Chair's Foreword ............................................................................................................................. xiii Executive Summary .......................................................................................................................... xv Abbreviations list ............................................................................................................................. xxi Chapter 1—Introduction and background ..................................................................................... 1 Introduction .......................................................................................................................................... 1 Background .......................................................................................................................................... 3 Chapter 2—Responding to COVID-19 .......................................................................................... 23 Key impacts and opportunities arising from COVID-19 .............................................................. 23 Technology enablers during the pandemic crisis and recovery period ..................................... 29 Chapter 3—Tax Issues ...................................................................................................................... 59 Overview of business taxation in Australia ................................................................................... 59 R&D tax incentive .............................................................................................................................. 62 Payroll tax ........................................................................................................................................... 81 Employee Share Schemes ................................................................................................................. 82 Tax treatment of Initial Coin Offerings ........................................................................................... 84 Chapter 4—Regulation Issues ........................................................................................................ 87 Overview of Australia's regulatory environment for FinTechs .................................................. 87 Regulation of competition, innovation and global competitiveness in financial services ....... 90 Access to the New Payments Platform ......................................................................................... 113 Blockchain and distributed ledger technologies ......................................................................... 120 Foreign exchange pricing and transparency ................................................................................ 126 Chapter 5—Regulation issues - Consumer Data Right ............................................................ 131 Implementation of Open Banking ................................................................................................. 131 Expansion of the Consumer Data Right to other sectors............................................................ 156 Governance arrangements for the Consumer Data Right .......................................................... 164 Chapter 6—Access to Capital ........................................................................................................ 167 Support measures relating to COVID-19 ...................................................................................... 167 Refinements to ESVCLP and ESIC incentives .............................................................................. 174 v Collaboration between large and small businesses ..................................................................... 183 Encourage superannuation funds to invest more broadly ........................................................ 186 Consideration of national interest issues in relation to investment capital ............................. 189 Chapter 7—Issues relating to Culture and Skills ..................................................................... 191 Culture ............................................................................................................................................... 191 Skills ................................................................................................................................................... 199 Chapter 8—Conclusion and recommendations ......................................................................... 207 COVID-19 recovery measures (Chapter 2) ................................................................................... 207 Tax issues (Chapter 3) ..................................................................................................................... 212 Regulation issues (Chapter 4) ......................................................................................................... 214 Refine and expand the Consumer Data Right (Chapter 5) ........................................................ 218 Access to Capital (Chapter 6) ......................................................................................................... 221 Culture (Chapter 7) .......................................................................................................................... 223 Skills and training (Chapter 7) ....................................................................................................... 224 Dissenting Report from Labor Senators ..................................................................................... 227 Additional Comments from Senator Scarr ................................................................................. 237 Appendix 1—Submissions, Additional information and Answers to questions on notice 239 Appendix 2—Public hearings and witnesses ............................................................................ 249 vi List of Recommendations Recommendation 1 8.9 The committee recommends that the Corporations Act 2001 be amended to allow companies to decide the best format for holding their annual general meetings and other prescribed meetings (whether through virtual meetings, in-person meetings or hybrid meetings), while ensuring the needs of shareholders are taken into account. Recommendation 2 8.10 The committee recommends that the Corporations Act 2001 be amended to enable companies to communicate with shareholders electronically by default, with shareholders retaining the right to request paper-based communications on an opt-in basis. Recommendation 3 8.14 The committee recommends that the Corporations Act 2001 and other relevant legislation and regulations be amended in order to allow for the electronic signature and execution of legal documents. Recommendation 4 8.15 The committee recommends that relevant regulations be amended in order to enable the witnessing of official documents via videoconferencing or other secure technological means. Recommendation 5 8.19 The committee recommends that Medicare telehealth items introduced during the pandemic be made a permanent feature of the Australian healthcare system, with ongoing refinement and review as appropriate. Recommendation 6 8.22 The committee recommends that work on implementing ePrescriptions in Australia continue as quickly as possible, and that the Australian Government ensure an open and accessible market for ePrescription services. Recommendation 7 8.29 The committee recommends that the Digital Identity reforms led by the Digital Transformation Agency be accelerated in order to deliver a national, vii economy-wide framework for the operation of a federated digital identity ecosystem as soon as possible. Recommendation 8 8.34 The committee recommends that the Australian Government explore options to promote the use of RegTech solutions in assisting small and medium-sized enterprises to comply with their obligations under industrial awards. Recommendation 9 8.38 The committee recommends
Load more

Recommended publications
  • Scheme Booklet Supplement
    Scheme Booklet Supplement This booklet contains a copy of the Independent Expert’s Report, the Investigating Accountant’s Report and the Merger Implementation Agreement For a proposal to merge St.George Bank Limited (ABN 92 055 513 070) and Westpac Banking Corporation (ABN 33 007 457 141) If you are in any doubt as to how to deal with this document, please consult your financial, legal, tax or other professional adviser immediately. Financial adviser to Legal adviser to St.George Bank Limited St.George Bank Limited St.George Bank Limited (ABN 92 055 513 070) 2 Important notices Contents Purpose of this Scheme Booklet Supplement Consents Important notices IFC This Scheme Booklet Supplement provides St.George Consent to be named Security Holders with additional information about the The following persons have given and have not, before 1. Independent Expert’s Report 1 Merger Proposal, SAINTS Scheme and Option Scheme. the date of this Scheme Booklet Supplement, withdrawn This additional information is in addition to the Scheme their written consent to be named in this Scheme 2. Investigating Accountant’s Report 181 Booklet dated 29 September 2008. Booklet Supplement in the form and context in which 3. Merger Implementation Agreement 189 they are named: UBS as financial adviser to St.George; St.George Security Holders should read the Scheme PricewaterhouseCoopers Securities Ltd as the Corporate directory IBC Booklet in its entirety before making a decision as to how Investigating Accountant; Grant Samuel & Associates Pty to vote on the resolutions to be considered at the relevant Limited as the Independent Expert; Allens Arthur Robinson Scheme Meeting and the Extraordinary General Meeting.
    [Show full text]
  • 29 February 2012 (Extract from Book 4)
    EXTRACT FROM BOOK PARLIAMENT OF VICTORIA PARLIAMENTARY DEBATES (HANSARD) LEGISLATIVE COUNCIL FIFTY-SEVENTH PARLIAMENT FIRST SESSION Wednesday, 29 February 2012 (Extract from book 4) Internet: www.parliament.vic.gov.au/downloadhansard By authority of the Victorian Government Printer The Governor The Honourable ALEX CHERNOV, AC, QC The Lieutenant-Governor The Honourable Justice MARILYN WARREN, AC The ministry Premier and Minister for the Arts................................... The Hon. E. N. Baillieu, MP Deputy Premier, Minister for Police and Emergency Services, Minister for Bushfire Response, and Minister for Regional and Rural Development.................................................. The Hon. P. J. Ryan, MP Treasurer........................................................ The Hon. K. A. Wells, MP Minister for Innovation, Services and Small Business, and Minister for Tourism and Major Events...................................... The Hon. Louise Asher, MP Attorney-General and Minister for Finance........................... The Hon. R. W. Clark, MP Minister for Employment and Industrial Relations, and Minister for Manufacturing, Exports and Trade ............................... The Hon. R. A. G. Dalla-Riva, MLC Minister for Health and Minister for Ageing.......................... The Hon. D. M. Davis, MLC Minister for Sport and Recreation, and Minister for Veterans’ Affairs . The Hon. H. F. Delahunty, MP Minister for Education............................................ The Hon. M. F. Dixon, MP Minister for Planning............................................
    [Show full text]
  • Australia's Best Banking Methodology Report
    Mozo Experts Choice Awards Australia’s Best Banking 2021 This report covers Mozo Experts Choice Australia’s Best Banking Awards for 2021. These awards recognise financial product providers who consistently provide great value across a range of different retail banking products. Throughout the past 12 months, we’ve announced awards for the best value products in home loans, personal loans, bank accounts, savings and term deposit accounts, credit cards, kids’ accounts. In each area we identified the most important features of each product, grouped each product into like-for-like comparisons, and then calculated which are better value than most. The Mozo Experts Choice Australia's Best Banking awards take into account all of the analysis we've done in that period. We look at which banking providers were most successful in taking home Mozo Experts Choice Awards in each of the product areas. But we also assess how well their products ranked against everyone else, even where they didn't necessarily win an award, to ensure that we recognise banking providers who are providing consistent value as well as areas of exceptional value. Product providers don’t pay to be in the running and we don’t play favourites. Our judges base their decision on hard-nosed calculations of value to the consumer, using Mozo’s extensive product database and research capacity. When you see a banking provider proudly displaying a Mozo Experts Choice Awards badge, you know that they are a leader in their field and are worthy of being on your banking shortlist. 1 Mozo Experts Choice Awards Australia’s Best Banking 2021 Australia’s Best Bank Australia’s Best Online Bank Australia's Best Large Mutual Bank Australia's Best Small Mutual Bank Australia’s Best Credit Union Australia’s Best Major Bank 2 About the winners ING has continued to offer Australians a leading range of competitively priced home and personal loans, credit cards and deposits, earning its place as Australia's Best Bank for the third year in a row.
    [Show full text]
  • Methodology Report
    Mozo Experts Choice Awards Deposits 2019 Every day, Mozo keeps track of thousands of products in banking, insurance and energy. Unlike some other awards, providers don’t ‘enter’ the Mozo Experts Choice Awards nor do they pay to be considered. Our in-house team of experts analyse all the product data they’ve been tracking and scour the market to see if there are any other worthy candidates. Then we use our data and our experience to make a hard-nosed assessment of those products, to identify which offer great value or market-leading features. We recognise the leading products with the Mozo Experts Choice Awards. ● For product providers, a Mozo Experts Choice Award is a thoroughly researched third-party endorsement of their product. ● For consumers, the Mozo Experts Choice Awards badge is a sign that a product is among the leaders in the market, and is worthy of consideration. This report lists the winners and explains the judging methodology for our 2019 Deposit awards. 1 ​ Deposits - 2019 Winners Transaction Accounts Everyday Bank of the Year Exceptional Everyday Account Bank of Sydney Everyday Saver Account Bankwest Hero Transaction Account Bankwest Qantas Transaction Account BOQ Specialist Everyday Plus Account Citi Global Currency Account Citi Plus Transaction Account ING Orange Everyday Macquarie Platinum Transaction Account Macquarie Transaction Account UBank USaver Ultra Transaction Account Up Bank Everyday Account Best New Transaction Account Citi Global Currency Account 2 ​ Student Bank Account Community First Credit Union Student
    [Show full text]
  • The World's Most Active Banking Professionals on Social
    Oceania's Most Active Banking Professionals on Social - February 2021 Industry at a glance: Why should you care? So, where does your company rank? Position Company Name LinkedIn URL Location Employees on LinkedIn No. Employees Shared (Last 30 Days) % Shared (Last 30 Days) Rank Change 1 Teachers Mutual Bank https://www.linkedin.com/company/285023Australia 451 34 7.54% ▲ 4 2 P&N Bank https://www.linkedin.com/company/2993310Australia 246 18 7.32% ▲ 8 3 Reserve Bank of New Zealand https://www.linkedin.com/company/691462New Zealand 401 29 7.23% ▲ 9 4 Heritage Bank https://www.linkedin.com/company/68461Australia 640 46 7.19% ▲ 9 5 Bendigo Bank https://www.linkedin.com/company/10851946Australia 609 34 5.58% ▼ -4 6 Westpac Institutional Bank https://www.linkedin.com/company/2731362Australia 1,403 73 5.20% ▲ 16 7 Kiwibank https://www.linkedin.com/company/8730New Zealand 1,658 84 5.07% ▲ 10 8 Greater Bank https://www.linkedin.com/company/1111921Australia 621 31 4.99% ▲ 0 9 Heartland Bank https://www.linkedin.com/company/2791687New Zealand 362 18 4.97% ▼ -6 10 ME Bank https://www.linkedin.com/company/927944Australia 1,241 61 4.92% ▲ 1 11 Beyond Bank Australia https://www.linkedin.com/company/141977Australia 468 22 4.70% ▼ -2 12 Bank of New Zealand https://www.linkedin.com/company/7841New Zealand 4,733 216 4.56% ▼ -10 13 ING Australia https://www.linkedin.com/company/387202Australia 1,319 59 4.47% ▲ 16 14 Credit Union Australia https://www.linkedin.com/company/784868Australia 952 42 4.41% ▼ -7 15 Westpac https://www.linkedin.com/company/3597Australia
    [Show full text]
  • Mps in Drive for Nuclear Energy - the Australian, 2/18/2021
    18/02/2021 MPs in drive for nuclear energy - The Australian, 2/18/2021 MPs in drive for nuclear energy EXCLUSIVE GREG BROWN COALITION’S CLIMATE PUSH Nationals senators have drafted legislation allowing the Clean Energy Finance Corporation to invest in nuclear power as twothirds of Coalition MPs backed lifting the ban on the controversial fuel source to help shift the nation to a carbon- neutral future. The block of five Nationals senators, led by Bridget McKenzie and Matt Canavan, will move an amendment to legislation establishing a $1bn arm at the green bank to allow it to invest in nuclear generators, high-energy, low-emissions (HELE), coal- fired power stations and carbon capture and storage technology. The Nationals’ move comes as a survey of 71 Coalition backbenchers conducted by The Australian revealed that 48 were in favour of lifting the longstanding prohibition on nuclear power in the EPBC act. Liberal MPs Andrew Laming, John Alexander and Gerard Rennick are among backbenchers who want Scott Morrison to take a repeal of the nuclear ban to the upcoming election — a move that would open a new divide with Labor as the nation sets a course for a low-emissions future. “I’m very keen to see the prohibition lifted,” Mr Laming said. “It is something that has to be taken to an election so Australians realise there is a significant change in energy policy.” Mr Alexander said it was like “trying to fight Muhammad Ali with one arm tied behind your back if you are going to ignore nuclear energy”. “This is a new era; let’s be right at the cutting edge,” Mr Alexander said.
    [Show full text]
  • Coalition's Climate Push
    AUTHOR: Greg Brown SECTION: GENERAL NEWS ARTICLE TYPE: NEWS ITEM AUDIENCE : 94,448 PAGE: 1 PRINTED SIZE: 493.00cm² REGION: National MARKET: Australia ASR: AUD 12,683 WORDS: 946 ITEM ID: 1400466763 18 FEB, 2021 MPs in drive for nuclear energy The Australian, Australia Page 1 of 3 COALITION’S CLIMATE PUSH MPs in drive for nuclear energy EXCLUSIVE GREG BROWN Nationals senators have drafted legislation allowing the Clean Energy Finance Corporation to invest in nuclear power as two- thirds of Coalition MPs backed lifting the ban on the controver- sial fuel source to help shift the nation to a carbon-neutral future. The block of five Nationals senators, led by Bridget McKen- zie and Matt Canavan, will move an amendment to legislation es- tablishing a $1bn arm at the green bank to allow it to invest in nuclear generators, high-energy, low-emissions (HELE), coal-fired power stations and carbon capture and storage technology. The Nationals’ move comes as a survey of 71 Coalition back- benchers conducted by The Aus- tralian revealed that 48 were in favour of lifting the longstanding prohibition on nuclear power in the EPBC act. Liberal MPs Andrew Laming, John Alexander and Gerard Ren- © News Pty Limited. No redistribution is permitted. This content can only be copied and communicated with a copyright licence. AUTHOR: Greg Brown SECTION: GENERAL NEWS ARTICLE TYPE: NEWS ITEM AUDIENCE : 94,448 PAGE: 1 PRINTED SIZE: 493.00cm² REGION: National MARKET: Australia ASR: AUD 12,683 WORDS: 946 ITEM ID: 1400466763 18 FEB, 2021 MPs in drive for nuclear energy The Australian, Australia Page 2 of 3 nick are among backbenchers this stage”.
    [Show full text]
  • ING Credit Update 4Q2020
    ING Credit Update 4Q2020 ING Investor Relations 12 February 2021 Key points . 2020 was a year marked by the Covid-19 pandemic and the unprecedented challenges it presented to our customers, employees and society. We continue to take actions to provide support and with vaccination programmes being rolled out globally, we look forward to return to more normal circumstances in the near future . We continue our efforts to build a sustainable company, also reflected in our strong ESG profile . The current environment underscores the strength of our digital business model. We continued to grow primary customers, as they choose us as their go-to bank, while mobile interactions further increased . Pre-provision result was resilient, though the impact from Covid-19 is visible, most notably on lending and savings. After years of growth, 2020 net core lending was down by €2.5 bln, while net deposit inflow was high at €41.4 bln . Fee growth was good, as our actions on investment products and daily banking more than compensated for the impact of the Covid-19 pandemic on fees for payments and lending . 2020 risk costs were €2.7 bln with ~30% in Stage 1 and 2, mainly due to Covid-19, reflecting IFRS 9 related provisions and management overlays. For 2021 we expect to move close to our through-the–cycle average of ~25 bps . The Stage 3 ratio remained low at 1.7% and we are confident on the quality of our loan book, supported by a proven risk management framework with a strong track record, also compared to peers .
    [Show full text]
  • 2018 Annual Financial Report
    Annual Financial Report 2018 Annual Financial Report 2018 A Contact us Bendigo and Adelaide Bank Limited ABN 11 068 049 178 Registered head office The Bendigo Centre Bendigo VIC Australia 3550 Telephone: 1300 236 344 +61 3 5445 0666 (if calling from overseas) Shareholder enquiries Share Registry 1800 646 042 Email: [email protected] B Annual Financial Report 2018 Table of contents Section 1 Message from the Chairman 2 Message from the Managing Director 3 Directors’ Report 4 Operating and Financial Report 12 Remuneration Report 28 Section 2 Financial Statements 51 Directors’ Declaration 123 Independent Auditor’s Report 124 Section 3 Key Performance Indicators 132 Additional Information 133 Annual Financial Report 2018 1 Message from the If trust in banking is to Chairman be restored, it is crucial This year we announced a solid full year result. that organisations with Total cash earnings were $445.1 million, up different objectives 6.4%, cash earnings per share were 92 cents and standards are per share, up by 4.1%, and dividends totalled able to compete on a 70 cents, up by 2 cents. In a very difficult level playing field and year for the banking industry, it was a strong customers can choose performance by your Bank. accordingly. There have been a number of significant milestones celebrated this year. On 9 July, we celebrated the 160th anniversary of the founding of the first Bendigo Building Society. In a year when the Royal Commission into misconduct in the financial Robert Johanson services industry has revealed some appalling behaviours, Chairman it has been useful to remind ourselves why the business was founded and what is its purpose.
    [Show full text]
  • Ing Direct Login App
    Ing Direct Login App Homologous and reduplicative Hart spying while contiguous Quiggly besmirch her hermitage distractively and dined westward. Aspectual Arnie behooves superhumanly, he dynamiting his jessamine very movably. Devin remains toothy: she obtrude her sedum mobilising too quakingly? You want to ing app is what you have the investment Start your day dissolve the NAB Morning Call Podcast, for the latest overnight key economic and market information straight as our blood of experts. No fuss, no fancy; myself a simple easy after use app. If you are already an ING customer, have your account details ready. ICICI Bank provides a convenient GST registration facility at no motion for ICICI Bank customers. Please enable Javascript for enhanced security. Privacy Policy and agree to our processing of your information and cookies. We strongly advise you ever appoint at nearly two Corporate administrators and nuts a four eyes principle on administration changes. ING BANK NV AMSTERDAM SUCURSALA BUCURESTI Free call the app. Hoeveel pensioen krijg je? Sign In. You can log on to the application after the service has been activated. Use your user ID and new password to log in to the application. Please shower that our Client Contact Center experiences higher than normal call volumes at water time after year Answers to undermine common questions including how. The store for your details are closed for the apple music subscription automatically register hours of our terms and providers. Open ing direct login app? To light a question please log in via your email or create different account. He declare an MBA from the University of Colorado, and has worked for credit unions and large financial firms, in addition to scowl about personal finance for his two decades.
    [Show full text]
  • Hansard 5 April 2001
    5 Apr 2001 Legislative Assembly 351 THURSDAY, 5 APRIL 2001 Mr SPEAKER (Hon. R. K. Hollis, Redcliffe) read prayers and took the chair at 9.30 a.m. PETITIONS The Clerk announced the receipt of the following petitions— Western Ipswich Bypass Mr Livingstone from 197 petitioners, requesting the House to reject all three options of the proposed Western Ipswich Bypass. State Government Land, Bracken Ridge Mr Nuttall from 403 petitioners, requesting the House to consider the request that the land owned by the State Government at 210 Telegraph Road, Bracken Ridge be kept and managed as a bushland reserve. Spinal Injuries Unit, Townsville General Hospital Mr Rodgers from 1,336 petitioners, requesting the House to provide a 24-26 bed Acute Care Spinal Injuries Unit at the new Townsville General Hospital in Douglas currently under construction. Left-Hand Drive Vehicles Mrs D. Scott from 233 petitioners, requesting the House to lower the age limit required to register a left-hand drive vehicle. Mater Children's Hospital Miss Simpson from 50 petitioners, requesting the House to (a) urge that Queensland Health reward efficient performance, rather than limit it, for the high growth population in the southern corridor, (b) argue that Queenslanders have the right to decide where their child is treated without being turned away, (c) decide that the Mater Children’s Hospital not be sent into deficit for meeting the needs of children who present at the door and (d) review the current funding system immediately to remedy this. PAPERS MINISTERIAL PAPER The following ministerial paper was tabled— Hon. R.
    [Show full text]
  • List of Participating Lenders - Phase 2
    List of Participating lenders - Phase 2 The Government is currently considering applications from lenders interested in participating in Phase 2 of the Scheme. The following lenders have been approved to participate in Phase 2. ANZ Banjo Bank Australia Bank of Queensland Bendigo and Adelaide Bank Ltd Bigstone Lending Commonwealth Bank of Australia Community First Credit Union Limited Credabl Earlypay Fifo Capital Finstro Securities Pty Ltd Flexirent Capital Get Capital Heritage Bank Limited Hume Bank Limited IQumulate Premium Funding Judo Bank Pty Ltd Liberty Financial Metro Finance Pty Ltd Moneytech Finance Moula Money National Australia Bank Limited Prospa Queensland Country Bank Limited / Regional Australia Bank Ltd Social Enterprise Finance Australia Southern Cross Credit Union South West Credit Union Speedy Finance Suncorp-Metway Limited TrailBlazer Finance Unity Bank Volkswagen Financial Services Australia Westpac Banking Corporation Zip Business List of Participating Lenders - Phase 1 The Government approved 44 lenders to participate in the Coronavirus SME Guarantee Scheme Phase 1. The following lenders were approved to participate in the Scheme. Phase 1 of the Scheme commenced on 23 March 2020 and closed for new loans on 30 September 2020. ANZ Australian Mutual Bank Limited Banjo Bank Australia Bank of Queensland Bank of us Bendigo and Adelaide Bank Ltd Commonwealth Bank of Australia Community First Credit Union Credabl Fifo Capital Australia Pty Ltd First Choice Credit Union Get Capital / Goulburn Murray Credit Union Heritage
    [Show full text]