PIAC responded to the AEMC’s draft report on regulatory sandbox arrangements.
PIAC supports the introduction of a set of regulatory sandbox tools that allow changes to the regulatory framework to be trialled in a manner that balances the potential to capture the benefits of transformation against the risks and maintaining consumer protections.
We recommend the performance of any sandbox arrangements be formally reviewed by market bodies using predetermined measures of success. We note the importance of establishing clear but flexible governance arrangements between the relevant market bodies so that there is accountability between them and the process is as clear as possible.
PIAC supports overall the proposed approach to providing coordinated feedback and guidance on regulatory issues and provide suggestions to improve its effectiveness for innovating businesses.
We support the proposal to provide time-limited regulatory relief through trial waivers to encourage innovation whilst maintaining necessary consumer protections.
We are generally supportive of the intent behind the trial rule change proposal but questions its value to innovators compared to the proposed trial waiver.