ASIC Chair Joe Longo and the Australian Financial Security Authority (AFSA) Chief Executive Tim Beresford signed a refreshed Memorandum of Understanding (MoU), following the last update in 2014.
The agencies will continue to work together to pursue common interests and demonstrate their commitment to a whole-of-Australian Government approach to protecting and promoting confidence in the financial system.
The updated MoU between ASIC and AFSA sets out a framework for continued cooperation to facilitate liaison, assistance and the exchange of information between the agencies for the effective and efficient performance of their respective regulatory functions.
The MoU aligns with reforms to both the Corporations Act 2001 (regulated by ASIC) and the Bankruptcy Act 1966 (regulated by AFSA) stating that the agencies are to work cooperatively in relation to persons who are both a registered liquidator and a registered trustee. It acts as a master MoU for activities between the agencies including AFSA providing ASIC access to the Personal Property Securities Register.
The refreshed MoU further sets out how the agencies will work together to identify and continue to deliver on strategic priorities and government objectives.
