Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

ASIC and Securities Commission to increase co-op

Joint release from

THE AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

and the

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.


Background

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.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

57 Million Users' Data: Uber Breach "Utterly Preventatable"

Cybersecurity leader Centrify says the Uber data breach of 57 million customer and driver records - which the ride-hailing company hid for more than a year - was “utterly preventable”. More>>

Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>

Having A Cow? Dairy Product Prices Slide For Fourth Straight Auction

Dairy product prices fell at the Global Dairy Trade auction, retreating for the fourth straight auction amid signs of increased production... Whole milk powder fell 2.7 percent to US$2,778 a tonne. More>>

ALSO:

Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>

ALSO:

Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>

ALSO:

CO2 And Water: Fonterra (And Dairy NZ)'s Environment Plans

Federated Farmers support Fonterra’s bold push to get to zero emissions of CO2 on the manufacturing side of the Co-operative, both in New Zealand and across its global network. More>>

ALSO: