ASIC and Securities Commission to increase co-op
Joint release from
THE AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION
NEW ZEALAND SECURITIES COMMISSION
ASIC and Securities Commission to increase cooperation
The Australian Securities and Investments Commission (ASIC) and the New Zealand Securities Commission met in Sydney earlier this week to promote greater regulatory cooperation between the two countries.
This was the third formal meeting of the two Commissions.
‘These meetings are enormously useful in developing our relationship,’ Securities Commission Chairman Jane Diplock said. ‘We regard them as part of our work towards a single economic market that will benefit business and investors on both sides of the Tasman.’
New Zealand and Australia are part of a global securities market that offers new prospects for issuers and investors, but also provides more opportunities for cross border fraud.
‘Collaboration by regulators is increasingly vital to maintain well-regulated markets where securities law is effectively enforced,’ ASIC Chairman Jeff Lucy said. ‘The close proximity of our two countries provides excellent opportunities for us to work together to continue to make the Australasian markets attractive to investors.’
To cement their close working relationship, an updated Memorandum of Understanding between the two regulators was signed.
The new Memorandum of Understanding reflects recent changes to the regulatory functions of both agencies and allows for cooperation and the smooth exchange of information to assist each regulator, particularly on enforcement matters.
Among the issues that were discussed were:
key regulatory developments in each jurisdiction
joint enforcement matters
identifying the most significant cross-border regulatory risks, and
progress with the mutual recognition of cross-border offerings of securities.
ASIC is responsible for enforcing and regulating company and financial services laws to protect consumers, investors and creditors. ASIC regulates the financial markets, securities, futures and corporations and is responsible for consumer protection in superannuation, insurance, deposit taking and credit.
The NZSC is New Zealand's main regulator of investments including shares, debt securities and investment schemes. It also regulates New Zealand’s securities markets including an oversight role of the New Zealand Exchange. The Commission’s responsibility is to build confidence in New Zealand’s investment markets.