Recommendations

Government to increase funding to FinTech and financial services regulators to empower proactive regulation and to support the adoption of RegTech solutions.

Relevant Australian regulators and industry associations should work with counterparts in key markets to develop a special category of professional recognition to allow international professionals to practice aspects of their profession in the host-country.

Strengthen Australia’s role in the standards development process and ensure sufficient transparency and opportunity for the services sector to engage in the process.

Ensure sufficient support for Australian business involvement in the international standards setting processes.

Encourage greater regulator-to-regulator cooperation to promote the adoption of consistent regulatory approaches in our region (ideally, similar to or compatible with Australia’s). This is particularly important in areas of new opportunity.

The Australian Government should continue to invest in capacity development in our region to help developing countries both adopt international standards and participate in international standards development.

The Australian Government and industry to promote Australia’s copyright administration, regulations and enforcement procedures abroad, and pursue greater regional harmonisation of effective copyright law and enforcement in digital content-sharing platforms.

Government identify and facilitate opportunities to promote the adoption of Australia’s standards and regulations overseas in areas where they are recognised as international best practice.

Led by Treasury and ASIC, seek to negotiate bilateral regulatory cooperation arrangements with China, Japan and the Republic of Korea, to facilitate and implement agreed FTA market access commitments in the cross-border provision of portfolio administration and insurance services.

Seek to negotiate bilateral cooperation agreements between ASIC, APRA and the Australian Tax Office (ATO) and their counterparts in China, Japan and the Republic of Korea to allow a wider range of wholesale (business-to-business) activities.

Prioritise passage of the Corporate Collective Investment Vehicle Bill as a recognised investment vehicle that can be marketed under the Asia Region Funds Passport.

Use APEC forums to seek an expansion in the membership of the Asia Region Funds Passport and actively explore opportunities for interoperability with the similar European Union (UCITS) and ASEAN (CIS) passport schemes.