Peter Whish-Wilson (Tasmania, Australian Greens) Share this | Hansard source

Look, I accept that. I think ASIC would assume that any company seeking to go into the regulatory sandbox would want to develop a product that would ultimately be to the consumer's benefit, so it's going to be successful and they will make money out of it because it'll take off. But it would be interesting if ASIC knew how to spot a spiv—someone who just wanted to get a product out there and raise some capital, which, I think the minister is aware, is a source of concern for me. I'm not sure how they would do that—whether a company would need a certain track record for a period of time when it was developing a service or a product that was going to go into the sandbox.

It is unusual to be talking across the chamber to someone who is putting up an amendment, but I would be keen to hear from Labor one more time as to how ASIC would make that deliberation. Would it be a test on, for example, the directors? That wouldn't be a bad one if they had had previous records of a whole range of illegal activity or any kind of shady behaviour. A little bit of background would probably be enough to help me, Senator McAllister—through you, Chair—with how ASIC would actually come to those conclusions.