BNPL – FinTech and Blockchain Law Watch

Australia: BNPL Regulation Takes Another Step Forward

Apr 01 2024

On 12 March 2024, the Australian Treasury released for consultation an exposure draft legislative package that proposes to amend the current regulatory framework to regulate low cost credit contracts (LCCCs), including Buy Now Pay Later (BNPL) arrangements and other types of credit contracts. These changes are designed to be flexible, adaptable and proportionate to the risk of consumer harm.

Change Is Constant* and There’s a lot of Regulatory Change Happening in the UK – Impacting Fintechs and Crypto Asset companies.

Jun 29 2022

By Kai Zhang

Critical third party regime

This is to address the concentration issue where financial services firms outsource key functions/services to a few large service providers (e.g. cloud service providers). HM Treasury will designate which third party service providers are considered “critical”. Then the relevant regulators will be given power to make rules supervising them with respect to certain “material services”. See policy statement of 8 June.

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