ASIC and AFSA commit to updated memorandum of understanding

The last update occurred in 2014. Essentially, the document states that the two agencies will continue to cooperate in pursuit of their goal to holistically serve the Australian government and protect and promote confidence in the country’s financial system.

Setting out a framework for continued cooperation, the refreshed MoU strives to facilitate liaison, assistance, and sharing of information to boost the efficacy of the specific regulatory duties of each authority. In the announcement on its website, the ASIC said this means the agreement describes the cooperative scope between the ASIC and AFSA to deliver on strategic priorities and government objectives.

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According to the ASIC statement, this MoU aligns with amendments to the Corporations Act 2001, which is regulated by ASIC, and the Bankruptcy Act 1966, which is regulated by the AFSA. The ASIC further stated that:

It acts as a master MoU for activities between the agencies, including AFSA providing ASIC access to the Personal Property Securities Register.

The AFSA is an executive agency that is part of the Australian attorney-general’s portfolio and manages the application of the country’s bankruptcy laws. The body’s CEO acts as the inspector-general for bankruptcy.

As Australia’s financial watchdog, the ASIC monitors and controls conduct in financial markets. Its main concerns are the promotion of fair, transparent, and efficient financial systems.

Under this MoU, these bodies perform their respective functions in a symbiotic manner that improves the overall financial security of consumers.