ASIC to work with 5 Regtech firms to tackle corporate disclosure challenges

Steffy Bogdanova
January 21, 2022 9:35 am

The Australian market regulator has selected five regtech firms for the Business Research and Innovation Initiative (BRII) Regulatory Technology (Regtech) Round, which will solve the challenges of corporate disclosure. The companies ASIC will work with include Bedrock AI Aus Pty Ltd, DigitalX Limited, Eastern Analytica Pty Ltd, Listcorp Pty Ltd and Pyxta Pty Ltd.

The latest BRII round is initiated by the Department of Industry, Science, Energy, and Resources. It aims to assesses the potential of regtech to solve challenges across government agencies and departments. ASIC will explore the potential of using technology to help identify and assess poor market disclosure by listed companies through its selected challenge.

ASIC Commissioner Cathie Armour, said:

ASIC deliberately designed a challenge around market disclosure that is a representative problem so that potential regtech solutions can also be applied to other problem use cases by agencies and industry.

Working towards an innovative solution has the potential to transform ASIC’s ability to harness technology to reduce regulatory burden, while enhancing market integrity.

The five companies will help ASIC analyse the corporate disclosures and other company datasheets. They will identify and assess compliance by listed companies with a range of requirements, such as continuous disclosure, financial reporting obligations, and the prohibition against deceptive disclosures and security price manipulation.

Funding

Each of the five small-to-medium regtech enterprises (SMEs) will receive a grant of up to $100,000 to conduct a feasibility study in response to the corporate disclosure challenge during a period of three months. Throughout the feasibility study stage, ASIC will work with the five regtech firms.

Two of the companies will receive further grants of up to $1 million for the next 15 months during the next stage of the BRII Regtech Round. During this period, they will work to develop and test a proof of concept.

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Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
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