Explanatory Memorandum
(Circulated by authority of the Minister for Housing and Assistant Treasurer, the Hon Michael Sukkar)Chapter 3 Statement of Compatibility with Human Rights
Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011
Regulatory sandbox to test financial and credit products and services
3.1 Section 4 and Schedule 1 to this Bill are compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011 .
Overview
3.2 Section 4 of the Bill requires the Minister to arrange for an independent review of the FinTech Sandbox Regulatory Licencing Exemption in Schedule 1 to the Bill.
3.3 Schedule 1 to this Bill amends the Corporations Act 2001 and the National Consumer Credit Protection Act 2009 to expand the regulation-making powers to enable an exemption from obtaining an Australian Financial Services Licence and an Australian Credit Licence under certain conditions for the purposes of testing financial and credit products and services.
Human rights implications
3.4 The amendments in section 4 and Schedule 1 to the Bill do not engage any of the applicable rights or freedoms.
Conclusion
3.5 Section 4 and Schedule 1 to the Bill are compatible with human rights as they do not raise any human rights issues.
Innovation measures
3.6 Schedule 2 to this Bill is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011 .
Overview
3.7 Schedule 2 to this Bill amends the ITAA 1997 venture capital and early stage investor tax concession provisions to make minor changes to ensure that the provisions operate as intended.
Human rights implications
3.8 This Schedule does not engage any of the applicable rights or freedoms.
Conclusion
3.9 This Schedule is compatible with human rights as it does not raise any human rights issues.