PIAC supports the introduction of a set of regulatory sandbox tools (the advice service, trial waivers and trial rule change) that allow changes to the regulatory framework to be trialled in a manner that balances and manages the potential benefits of transformation against the potential risks.
In this submission, PIAC comments on the proposed legislation, but notes a number of important implementation questions need to be addressed and are better settled in more detailed design stages such as developing AER guidelines to implement sandboxes.
PIAC comments on the proposed innovative trial principles, which we support, the duration of trial wavers, which we consider the AER should be able to determine on a case-by-case basis, and the need for post-implementation review of the toolkit.
