What do these amendments do?
MP Jones explained that:
Labor's amendments apply to schedule 1 of the bill. Our amendments introduce a requirement for companies accessing the fintech sandbox exemption created under this bill to submit a notice outlining the details of their service or product and giving a justification as to why such an exemption is likely to benefit the public. Under Labor's amendments, ASIC will have the power to remove a company's access to a fintech sandbox exemption or, probably more correctly, not consider a company's access to the exemption provided by this bill if they decide that they're not satisfied that the new service or product is innovative or likely to provide a benefit to the public. This is necessary and a relevant test for the bill.
The substantive bill authorises ASIC to provide wide-ranging exemptions to financial services laws—laws that have been established by this place for the express purpose of protecting customers or consumers. Such exemptions should only be granted if such an exemption is likely to provide significant benefit to the public. The regulator is being asked to make a judgement either that there is minimal risk and/or that the countervailing public interest is so great that it warrants waiving the provisions that apply to every other licensee in the market.