The Australian Securities and Investments Commission (ASIC) announced it has signed an updated memorandum of understanding (MOU) with its French counterpart, the Autorité des Marchés Financiers (AMF), facilitating information sharing and mutual assistance.
ASIC said the signing of the memorandum on Friday last week reaffirms “the long-standing cooperative relationship between ASIC and the AMF”.
The new agreement replaces the 1995 MOU signed by ASIC’s predecessor, the Australian Securities Commission, and AMF’s predecessor, the Commission des Opérations de Bourse.
The two regulators affirmed their commitment to “a close and constructive regulatory relationship.”
They also agreed to “regularly consult and exchange information on the evolutions of their respective regulatory environment, cooperate in the supervision and oversight of dually regulated entities, as well as in enforcement matters,” ASIC stated.
In a statement, ASIC chairman Greg Medcraft said the MOU sets out a framework that supports consultation, cooperation and the exchange of information, as well as the identification, assessment and mitigation of emerging regulatory risks.
“It recognises the importance of enhanced collaboration and regulatory convergence in markets that are increasingly global in nature,” he said.
“Investors and financial consumers can be confident regulators are working together to ensure markets are fair and efficient. We are delighted the relationship between ASIC and the AMF continues to grow in strength, and look forward to further collaborative work.”
Mr Rameix said the AMF particularly appreciate the quality of its regulatory dialogue with ASIC.
“We look forward to further enhancing this close and constructive relationship and sharing experience and expertise with ASIC in areas of common interest,” he said.
“I am hopeful that this MOU will pave the way for even further cooperation between our two authorities, with a view to promoting convergence, facilitating cross-border financial activities and supervision.”
