Chapter 1Introduction
Referral of the inquiry
1.1The Digital Assets (Market Regulation) Bill 2023 (bill) was introduced by Senator Bragg as a private senator’s bill and read a first time on 29 March 2023.
1.2On 30 March 2023, the Senate referred the bill to the Senate Economics Legislation Committee (committee) for inquiry and report by 2 August 2023.
1.3On 27June2023, the committee presented a progress report that sought an extension of the reporting date to 16 August 2023. The committee presented further progress reports on 16 August 2023, to extend the reporting date to 25August 2023, and on 25 August 2023 to extend the reporting date to 4September 2023.
Purpose of the bill
1.4The bill seeks to implement a licensing regime for digital assets and to establish reporting requirements for the circulation of central bank digital currency (CBDC) in Australia. The bill makes provisions for:
digital asset exchange authorisation requirements;
digital asset custody authorisation requirements;
stablecoin issuance authorisation requirements; and
disclosure requirements for facilitators of CBDCs in Australia.
1.5According to the Explanatory Memorandum, the bill ‘provides clear definitions of digital assets, digital asset exchanges and stablecoins’.Further, the bill:
…empowers [the Australian Securities and Investments Commission] with the necessary monitoring and investigation powers to enforce the licensee requirements. The Bill provides for civil and criminal penalties to deter misconduct. The Bill also empowers the Parliamentary Joint Committee on Corporations and Financial Services with inquiry and reporting functions to ensure the appropriate implementation of the Bill.
1.6The bill proposes that digital asset licensees would be subject to a range of operating requirements. For digital asset exchange operators, such requirements would address:
minimum capital requirements;
participant conduct regulation;
segregation of customer funds;
cybersecurity requirements;
disclosure requirements; and
record-keeping and reporting.
1.7Digital asset custody services licensees would be required to:
have key personnel based in Australia;
maintain minimum capital requirements;
segregate customers’ funds; and
adhere to other auditing, assurance and disclosure requirements.
1.8Licensed issuers of stablecoins would also be required to hold cash reserves of the face value of their liabilities for issued stablecoins in accounts held with an authorised deposit-taking institution (ADI) in Australia.
1.9The regulatory regime proposed by the bill would exist ‘separately to the Corporations Act 2001’. In his second reading speech, Senator Bragg explained that the rationale for the bill is two-fold:
Firstly, by providing a rules and standards based regime, we give confidence to the consumer that risk exposure is managed, and on par with other financial services and products.
Secondly, by providing regulatory certainty, this regime opens the door to greater investment and growth in Australia's crypto ecosystem and virtual economy, in a way that allows the industry to evolve and innovate without short-sighted constraint.
1.10A detailed outline of the provisions of the bill is provided below.
Background
1.11Mainstream interest in the crypto ecosystem has increased significantly over the past decade. Cryptocurrencies have evolved into ‘a financial asset class traded by millions of users around the world’ and crypto assets are becoming increasingly ‘intertwined with traditional financial markets’.
1.12In Australia, there was a 63 per cent increase in people using digital assets from 2020 to 2021. For the 2022 financial year, over a million Australians are anticipated to include crypto assets on tax returns.
1.13According to the Reserve Bank of Australia (RBA), interest in stablecoins has also ‘grown considerably in recent years, with activity globally concentrated in a small number of US-dollar-denominated stablecoins’. Stablecoins have ‘often been used as a ‘bridge’ between national currencies and the crypto ecosystem’.
1.14However, crypto assets can be technically complex, difficult to store in custody safely and highly price volatile. Between November 2022 and January 2023, the global market capitalisation of crypto assets declined 63 per cent from AU$4.1trillion to AU $1.5 trillion. Declines in asset prices, combined with poor business practices, has resulted in several high-profile collapses in the crypto ecosystem. Scams also remain a key challenge for the crypto industry.
1.15The Department of the Treasury (Treasury) recently reported that the key risks relating to crypto assets are the potential for:
financial losses to consumers from engaging in the crypto ecosystem;
financial risk to traditional firms engaging with the crypto ecosystem; and
financial risk from the mainstream adoption of novel products that may turn out to be riskier than their traditional counterparts.
1.16While responding to these risks is an ongoing challenge for regulators and industry, there are also significant opportunities for the advancement of the digital assets industry. Blockchain Australia’s submitted that the digital assets industry contributes $2.1billion to the Australian economy and employs around 11 600 people, which could increase to $68.4 billion and over 206 000 people with ‘supportive’ reforms. Research commissioned by the Tech Council of Australia suggests that appropriate policy could support between 700 to 1000 new start-ups and between $15 to $20 billion in investment in the digital assets industry by 2030, among a range of other benefits.
1.17Internationally, jurisdictions have begun to develop and implement a range of policy responses to digital assets. Some jurisdictions have sought to modernise existing regulations (such as in Japan and Singapore) and other jurisdictions have opted to prepare crypto-specific legislation (including the European Union).
Regulation
1.18Australia does not currently have special purpose cryptocurrency laws. Rather, the regulatory framework for crypto assets is ‘composed of a patchwork of principles-based obligations drawn from other parts of Australian law’.
1.19Laws which may apply to crypto assets and associated businesses include the:
Corporations Act 2001 (Corporations Act);
Australian Securities and Investments Commission Act 2001 (ASIC Act);
Anti-Money Laundering and Counter-Terrorism Financing Act 2006;
Competition and Consumer Act 2010 (CC Act);
National Credit Consumer Protection Act 2009; and
Electronic Transactions Act 1999.
Crypto assets
1.20The application of regulation to crypto assets depends largely on whether an asset is considered a financial product. If the asset is a financial product, then it is regulated under the Corporations Act and the ASIC Act. If the asset is not a financial product, then it is regulated under the CC Act.
1.21Whether a crypto asset is considered a financial product depends on the asset’s use, as defined in section 763A of the Corporations Act. Crypto assets that meet the definition of a financial product are subject to ‘regulatory obligations including disclosure requirements and, for financial products traded on financial markets, prohibitions on market manipulation’.
1.22The Australian Securities and Investments Commission (ASIC) has published Information Sheet 225 to help businesses involved with crypto assets to understand their obligations under the Corporations Act and the ASIC Act.
Crypto asset secondary service providers
1.23Crypto asset secondary service providers (CASSPrs) are regulated ‘in a variety of ways’ depending on the operating mode of the provider.
1.24Since 2018, the Australian Transaction Reports and Analysis Centre (AUSTRAC) has regulated digital currency exchanges with regards to Australia’s anti-money laundering / counter-terrorism financing (AML/CTF) regime. The Financial Action Task Force, the global AML/CTF standard-setting body, has made it a requirement for countries to apply AML/CTF regulation to five categories of virtual asset service providers.
The Australian Government’s reform agenda
1.25The Australian Government stated in February 2023 that it would adopt a multi-stage approach to ‘ensure the regulation of crypto assets protects consumers and positions our economy to take advantage of new digital products and services’. The Australian Government’s approach includes:
strengthening enforcement—including increasing the size of ASIC’s crypto team and its enforcement activities;
bolstered consumer protections—including reforms to the ‘licensing and custody of crypto assets’ and the establishment of ‘obligations and operational standards for crypto asset service providers’. Consultation on the design of a custody and licensing framework is set to begin in mid‑2023; and
establishing a framework for reform—commencing with Treasury’s token mapping exercise to ‘enable the Government and stakeholders to focus on regulatory gaps and ensure that emerging risks are identified and controlled’.
Consultation and relevant inquiries
1.26The Explanatory Memorandum states that the licence provisions were ‘developed through consultation with industry and the community’. Several submitters and witnesses stated that they had contributed to consultation undertaken by SenatorBragg on draft versions of the bill.
Senate Select Committee on Australia as a Financial and Technology Centre
1.27The Explanatory Memorandum states that the bill seeks to implement the first two recommendations of the Senate Select Committee on Australia as a Technology and Financial Centre’s (Select Committee) final report.
1.28The Select Committee recommended that the Australia Government:
establish ‘a market licensing regime for Digital Currency Exchanges, including capital adequacy, auditing and responsible person tests under the Treasury portfolio’; and
establish ‘a custody or depository regime for digital assets with minimum standards under the Treasury portfolio’.
1.29In summary, the Select Committee reported in October 2021 that, while Australian Digital Currency Exchanges (ADCE) often manage large amounts of customers’ trades and assets, ACDEs are subject to limited regulatory oversight and a ‘more thorough regulatory framework will assist the industry to mature’.
1.30The recommendations followed the Select Committee’s previous consideration of matters relating to regulation of digital assets in its second interim report and final report.
1.31In March 2022, following the then-government’s in principle agreement to most recommendations of the Select Committee, Treasury commenced consultation on licensing and custody requirements for crypto asset secondary service providers (CASSPr consultation).
1.32The CASSPr consultation paper outlined proposals for: key definitions in relation to digital assets; regulatory principles and policy objectives for new regulation; obligations on CASSPrs; and obligations on custody providers.
Treasury consultation on token mapping
1.33In February 2023, Treasury commenced its token mapping consultation which it described as a ‘foundational step in the Government’s multi‑stage reform agenda that commits to developing appropriate regulatory settings for the crypto sector’.
1.34Treasury’s consultation paper sought to conceptualise and identify key policy issues in relation to a number of crypto asset types, particularly public token systems and intermediated token systems. The paper discussed research by the Bank of International Settlements (BIS) which ‘described how regulating the crypto ecosystem would require this kind of token mapping process as a foundational step’.
1.35Treasury noted that the BIS’ research paper outlined how ‘crypto ecosystem regulation could use the same principles and tools that apply to the regulation of traditional products’. Treasury considered that the regulatory approach described by the BIS is ‘attractive in the Australian regulatory context’ as it:
… adopts core principles built into the existing financial services regulatory framework – specifically, technology neutrality and the functional approach to regulation.
1.36Treasury noted that Australia’s approach to financial regulation adopts principles of ‘technology neutrality’ and equal regulation for ‘functionally-equivalent’ products. Unlike other jurisdictions, Australia adopts a broad, functional approach to the definition of a financial product.
Provisions of the bill
1.37This section provides an overview of the provisions in the bill’s seven parts:
Part 1—Preliminary;
Part 2—Licensing for certain digital assets activities;
Part 3—Central bank digital currencies;
Part 4—Parliamentary Joint Committee on Corporations and Financial Services;
Part 5— Regulatory powers;
Part 6—Miscellaneous; and
Part 7—Application and transition provisions.
1.38Part 1 of the bill (Clauses 1 to 6) contains administrative provisions in support of the bill, including details of the bill’s: commencement date; objects; key definitions; and scope of application.
Part 2—Licensing for certain digital assets activities
1.39Part 2 of the bill (Clauses 7 to 31) establishes the bill’s proposed licensing regime. This includes:
a licence requirement to operate a digital asset exchange, provide a digital asset custody service or to issue a stablecoin in Australia;
requirements that licence holders must comply with;
provisions for ASIC to grant licences and impose conditions; and
provisions for the relevant Minister to approve a foreign licensing regime.
Division 1—Introduction
1.40Division 1 provides the simplified outline and constitution basis for the part.
1.41Clause 8 (Constitution basis) provides that the licensing regime applies in relation to:
…the operation of a digital asset exchange, the provision of a digital asset custody service, theissuing of stablecoins, or holding out in respect of any of those matters:
(a)by or on behalf of:
(i)a constitutional corporation; or
(ii)a body corporate that is incorporated in a Territory; or
(iii)a body corporate that is taken to be registered in a Territory under section 119A of the Corporations Act 2001; or
(b)in the course of or in relation to:
(i)trade or commerce between Australia and places outside Australia; or
(ii)trade or commerce among the States; or
(iii)trade or commerce within a Territory, between a State or Territory or between 2 Territories; or
(c)by means of a service to which paragraph 51(v) of the Constitution applies; or
(d)in the course of or in relation to the carrying on of the business of banking, other than State banking (within the meaning of paragraph 51(xiii) of the Constitution) not extending beyond the limits of the State concerned; or
(e)for the issuing of stablecoins—in a case where the stablecoins are currency within the meaning of section 51(xii) of the Constitution.
Division 2—Digital asset exchanges
1.42Division 2 establishes the bill’s proposed licence requirements for digital asset exchange operators.
Licence requirement
1.43Clause 9 (Need for a licence) provides that it is an offence to operate a digital asset exchange without an authorised licence and proposes fault-based and civil penalties.
1.44Subclauses 9(3) and (4) establishes criminal and civil penalties if a person contravenes the bill’s proposed license requirement. For a fault-based offence, a penalty of 5years’ imprisonment or 600 penalty units, or both, applies if the person is an individual, or 6000 penalty units if the person is a body corporate.
1.45The bill proposes civil penalties for individuals of 5000 penalty units and 50 000 penalty units for body corporates.
Licensee obligations and requirements
1.46Clause 10 (Licensee’s obligations) establishes that a digital asset exchange licensee must comply with certain requirements and, if contravened, civil penalties equivalent to those noted above are proposed.
1.47Clause 11 (Digital Asset Exchange Requirements) provides for the establishment of rules for the operation of a digital asset exchange in Australia. The bill provides the rules should address a number of requirements, including:
the maintenance of a minimum amount of capital;
the regulation of the conduct of the exchange’s participants;
the procedures and monitoring of the exchange’s activities;
the segregation of the exchange participants’ funds;
cybersecurity;
disclosure of information to the exchange’s participants; and
record-keeping and other reporting; and the obtaining, use and disclosure of information to ASIC, the Australian Prudential Regulation Authority or another authority of the Commonwealth.
1.48Clause 12 (ASIC to supervise digital asset exchanges) ‘gives ASIC the function of supervising digital asset exchanges operated in Australia and specifies that the rules may provide for the details of that function’.
1.49Clause 13 provides that a digital asset exchange is taken to be operated in Australia when:
… it is operated by a registered Australia body corporate, or by a person who engages in conduct that is intended or has the effect of inducing people in Australia to use the exchange.
Division 3—Digital asset custody services
1.50Division 3 establishes the bill’s proposed licence requirements for digital asset custody services.
1.51The provisions in Division 3 are substantively similar to those in Division 2 in respect of license requirements, licensee obligations (including associated penalties) and Australian operations.
Digital asset custody requirements
1.52Clause 16 seeks to establish digital asset custody requirements in rules that ‘ensure the customers of digital asset custody services are protected.’The bill proposes that the rules should address:
designation of key personnel in Australia;
maintenance of minimum capital amounts;
segregation of exchange participants’ funds;
disclosure of information on how customers’ funds are protected; and
auditing, assurance and disclosure arrangements.
Division 4—Issuing stablecoins
1.53Division 4 of Part 2 establishes the bill’s proposed licence requirements for stablecoin issuance.
1.54The provisions in Division 3 are substantively similar to those in divisions 2 and3 in respect of the proposed licence requirement, licensee obligations (including associated penalties) and Australian operation conditions.
Stablecoin issue requirements
1.55Clause 20 seeks to stablecoin issue requirements in rules that address specified matters, including:
Asset backing—licensees to hold the value of their liabilities for issued stablecoins, held in reserve in an ADI;
Quarterly statements—licensees to provide quarterly statements to the Australian Prudential Regulation Authority;
Quarterly statements—licensees to publish quarterly statements regarding their size, assets in reserve and stablecoins on issue;
Annual audit—of licensees with financial statements from the audits made public; and
Cyber security—licensees to develop appropriate plans to protect consumers from the cyber security risks associated with stablecoins.
Division 5—Licences
1.56Division 5 of Part 2 contains clauses in support of the bill’s proposed licencing regime:
Clause 22 (How to apply for a licence)—a person may apply in writing for a licence to authorise the operation of a digital asset exchange, the provision of a digital asset custody service, or the issuing of stablecoins in Australia;
Clause 23 (When a licence may be granted)—ASIC may grant a licence if it is satisfied that the application meets the requirements established by Clause22 and other requirements to be made in rules proposed by the bill;
Clause 24 (The conditions on the licence)—ASIC may vary, impose or revoke licence conditions, in accordance with the rules proposed by the bill;
Clause 25 (Varying, suspending or cancelling licences)—ASIC may vary, suspend or cancel a licence, in accordance with the rules proposed by the bill;
Clause 26 (Effect of suspension)—a person whose licence is suspended is taken not to hold that licence while it is suspended, unless otherwise specified by the Minister;
Clause 27 (Variation or revocation of suspension)—ASIC may vary or revoke a suspension of a licence by giving written notice to the licensee;
Clause 28 (Other matters relating to licences)—the rules made under the bill may set out matters that the Minister must consider in deciding whether to grant, vary, suspend or cancel a licence, or in deciding to vary or revoke a suspension of a licence, and any other matters relating to those processes;
Clause 29 (Rules may make different provisions for different kinds of licence)—the rules proposed by the bill may make different licence provisions to the provisions proposed by clauses 22 to 28;
Clause 30 (Register of licences)—the Minister must maintain an electronic and publicly available register of licences granted under the bill;
Clause 31 (Recognition of foreign licenses)—subject to certain requirements, the Minister may, by legislative instrument, approve a foreign licensing scheme that authorises digital asset exchanges, digital asset custody services, or the issuance of stablecoins, so that a foreign licence may be recognised under the bill.
1.57Part 3 of the bill (Clauses 32 to 35) establishes that ADIs would be required to report certain information on CBDCs.
1.58Clause 34 provides that the proposed reporting requirements would be established by rules, referred to as the Central Bank Digital Currency Reporting Requirements. The requirements would obligate ADIs to report information to ASIC and the RBA on:
the number of Australian businesses accepting CBDC payments;
the number of digital wallets used by Australian customers of ADIs for holding CBDCs;
the total amount of CBDCs held in the digital wallets of Australian ADI customers.
1.59Subclause 34(2) provides that ADIs which contravene the CBDC Reporting Requirements would be subject to penalties of 5 years’ imprisonment or 600 penalty units if the person is an individual, or 6000 penalty units if the person is a body corporate.
1.60Clause 35 requires ASIC and the RBA to report to the Minister, the Parliamentary Joint Committee on Corporations and Financial Services (PJCCFS), and the Parliamentary Joint Committee on Intelligence and Security (PJCIS), at least once per year, on the information received from the CBDC Reporting Requirements.
Part 4—Parliamentary Joint Committee on Corporations and Financial Services
1.61Part 4 of the bill (Clauses 36 to 38) creates additional responsibilities for the PJCCFS and requires the Australian Government to respond to certain reports of the PJCCFS.
1.62The additional responsibilities of the PJCCFS are to inquire into and report to Parliament on:
matters relating to the regulation of digital assets or designated CBDC that the PJCCFS considers ‘the Parliament’s attention should be directed’;
the implementation of the bill (if enacted), proper taxation arrangements and key terms and concepts relating to the regulation of digital assets and designated CBDC.
1.63Clause 38 requires the Australian Government to respond to a report of the PJCCFS and set out the ‘regulatory and legislative changes the Minister considers are necessary to give effect to any recommendations in the report’.
Part 5— Regulatory powers
1.64Part 5 of the bill (Clauses 39 to 42) applies the monitoring, investigation and civil penalty provisions of the Regulatory Powers (Standard Provisions) Act 2014.
1.65Clause 40 (Monitoring powers):
… subjects all provisions of this Act, offence provisions of the Crimes Act 1914 or the Criminal Code to the extent that they relate to this Act, and information given in compliance with this Act to monitoring under Part 2 of the Regulatory Powers (Standard Provisions) Act 2014.
1.66Clause 41 (Investigation powers):
… subjects all offence provisions of this Act, civil penalty provisions of this Act, and offence provisions of the Crimes Act 1914 or the Criminal Code, to the extent that they relate to this Act, to investigation under Part 3 of the Regulatory Powers (Standard Provisions) Act 2014.
1.67Clause 42 (Civil penalty provisions) provides that ‘all civil penalty provisions of [the bill] are enforceable under Part 4 of the Regulatory Powers (Standard Provisions) Act 2014’.
Part 6—Miscellaneous
1.68Part 6 (Clauses 43 to 49) provides for ‘miscellaneous matters, such as the functions and powers of ASIC, the review of decisions, delegations, appointment of inspectors and the power to make rules.’
1.69In particular, the clauses in Part 6 provide that:
Clause 44 (ASIC)—ASIC has the functions and powers conferred by the bill and power ‘to do whatever is necessary for the performance of its functions’ under the bill;
Clause 45 (Merits review)—ministerial decisions made in relation to granting, varying, suspending or cancelling licenses are subject to merits review by the Administrative Appeals Tribunal;
Clause 46 (Delegations)—ministerial powers may be delegated to ‘specified employees of the Department or ASIC’, except in relation to foreign licenses and rules;
Clause 47 (Inspectors)—ASIC staff may be appointed as inspectors for the purpose of ensuring compliance with the bill’s provisions;
Clause 48 (Contravention of provisions)—a contravention of an offence provision or a civil penalty provision of the bill ‘is a contravention of the conduct provision’; and
Clause 49 (Rules)—the Minister may make rules under the bill and establishes that the rules are disallowable and ‘must not create an offence or civil penalty, provide powers of arrest or detention, or entry, search or seizure, impose a tax, set an amount to be appropriated’ or directly amend the bill (if enacted).
Part 7—Application and transition provisions
1.70Part 7 of the bill establishes transitional arrangements for the bill’s proposed measures.
1.71Clause 51 (Transition period) provides for a 3-month transition period before the bill’s licensing provisions apply. Clause 52 provides that sections 14 and 15, in relation to the provision of a digital asset custody service, do not apply in the provision of the service commended prior to the bill.
Commencement
1.72The bill is scheduled to commence on the day after the end of a period of six months beginning the day the bill receives Royal Assent.
Financial and regulatory impact
1.73The Explanatory Memorandum does not comment on the financial impact of the bill.
1.74The Explanatory Memorandum does provide a regulatory impact statement.
Legislative scrutiny
1.75This section provides an overview of the legislative scrutiny undertaken by the Senate Standing Committee for the Scrutiny of Bills (Scrutiny Committee) and the Parliamentary Joint Committee on Human Rights (PJCHR).
Senate Standing Committee for the Scrutiny of Bills
1.76The Scrutiny Committee reported that the bill ‘may raise scrutiny concerns under Senate standing order24’. As outlined below, the potential scrutiny concerns noted by the Scrutiny Committee include significant matters contained in delegated legislation, significant penalties not adequately justified and broad delegation of administrative powers.
Significant matters contained in delegated legislation
1.77The Scrutiny Committee reported that the bill ‘may raise scrutiny concerns under principle (iv) in relation to significant matters in delegated legislation’. The Scrutiny Committee considered that the bill leaves substantial elements of the scope and operation of the proposed regulatory framework for digital assets to delegated legislation.
Significant penalties not adequately justified
1.78The Scrutiny Committee consider that subclauses 9(3), 14(3), 18(3) and 33(2) of the bill ‘may raise scrutiny concerns under principle (i) in relation to significant penalties which have not been adequately justified within the explanatory memorandum’.
1.79The Scrutiny Committee noted that, if the bill proceeds to further stages of debate, it may seek further information from Senator Bragg.
Broad delegation of administrative powers
1.80The Scrutiny Committee noted that subclause 46(1) ‘may raise scrutiny concerns under principle (ii) in relation to the broad delegation of administrative powers or functions.’
Parliamentary Joint Committee on Human Rights
1.81The PJHCR reported that it had no comment on the bill.
Human rights implications
1.82This section provides an overview of the human rights implications of the measures in the bill, as described in the Explanatory Memorandum.
1.83The Explanatory Memorandum states that bill is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.The bill engages human rights as outlined below.
Right to privacy
1.84The bill engages the right to protection from arbitrary or unlawful interference with privacy under Article 17 of the International Covenant on Civil and Political Rights (ICCPR) due to the:
proposed requirement for a public register of information as prescribed in the rules; and
proposed requirement for the publication of statements relating to stablecoin issuance.
1.85The Explanatory Memorandum noted that the publication requirements support the transparency objectives of the bill by ‘ensuring consumers and others have access to information on whether entities operating as licensed entities as set out by the Bill, so they can make informed financial decisions on who they engage with’.
Right to a fair trial, offense and civil penalty provisions
1.86The bill engages the right to security of the person and freedom from arbitrary detention and the right to a fair trial under Article 9 of the ICCPR due to the bill’s proposed penalty provisions and the proposed use of monitoring and investigation powers.
1.87The Explanatory Memorandum notes that the proposed penalty provisions are consistent with similar existing penalties in the Corporations Act. A person charged with a proposed offence would be subject to a ‘well-established judicial framework’.
Reverse burden of proof
1.88The bill engages the right to be presumed innocent under Article 14(2) of the ICCPR due to the proposed provisions which establish that a defendant bears an evidential burden in relation to the recognition of foreign licenses.
1.89The Explanatory Memorandum notes that the reversal of the evidence burden is ‘necessary and reasonable as information about whether a person holds a recognised foreign license would be readily and specifically within the knowledge of the defendant.’
Conduct of the inquiry
1.90The committee advertised the inquiry on its website and wrote to relevant stakeholders to invite them to make a written submission by 19May2023. The committee received 23 submissions, which are listed at Appendix 1.
1.91The committee held a public hearing in Canberra on 25 July 2023. Witnesses who appeared at the hearing are listed at Appendix 2.
Acknowledgements
1.92The committee thanks the individuals and organisations who assisted with the inquiry, especially those who made written submissions and attended the public hearing.