Policy Update - February #1
Research & Development Tax Incentive Advance Findings Pilot
The Department of Industry, Science and Resources is seeking expressions of interest for small group consultation sessions with an R&DTI software expert. These sessions are intended to give prospective applicants clarity on the types of R&D activities which are eligible and how advance findings can give fintechs certainty about eligibility.
Consultation on Privacy Act Review Report proposals
Last week the Government released the Privacy Act Review Report. The long-awaited final report contains 116 proposals to strengthen and modernise Australian privacy law.
The proposals are particularly relevant to fintechs because they will herald greater alignment with the EU’s GDPR and a stronger focus on how the privacy law applies to online industries. These include proposals to require a ‘privacy by default’ in relation to online privacy settings, to create specific guidance on designing online consents and, most notably, empowering the OAIC with a new direct right of action and a statutory tort, which will provide a new enforcement path for individuals affected by a breach of their privacy.
The Attorney-General’s Department is now consulting on these report’s proposals to inform a Government response.
Quality of Advice Review Final Report
The Government has released the final report of the Quality of Advice Review. The final report makes 22 recommendations, including changes to broaden personal advice, make disclosure requirements more flexible and introduce a modified ‘good advice’ duty.
FinTech Australia made a submission to the previous round of consultation. Consistent with our submission, the final report highlights how technology and digital advice has the potential to improve access to quality advice. It also acknowledges how improved access to consumer data via the Consumer Data Right will improve advice.
The Government has indicated it will engage in further consultation before providing a response to the review’s recommendations.
Consultation on the Electronic Transactions Act 1999 (Cth)
The Attorney-General’s Department is considering the effectiveness of Australia’s electronic transaction legal framework through consultation on the Electronic Transactions Act 1999 (ETA). The ETA permits electronic transactions to take place by ensuring steps are taken to ensure validity, authenticity and access.
The consultation is part of ongoing work on Modernising Document Execution. In particular, the Department is keen to understand any challenges with the ETA’s application or any confusion experienced by those interacting in the digital economy.
ASIC Class Orders consolidation
The Government is consulting on draft legislation to incorporate longstanding ASIC Class Orders into the primary legislation.
The legislation does not change ASIC’s powers to make class orders. This is a minor ‘tidy up’ amendment aimed to simplify and improve the navigability of Treasury legislation.
