UK’s FCA signs MoUs with Australian counterpart

The UK Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) have agreed two Memoranda of Understanding to ensure continuity once the UK leaves the European Union.

Covering trade repositories and alternative investment funds, the two agreements will ensure cross-border cooperation between the two organisations to provide certainty to businesses post-Brexit.

Chief executive at the FCA, Andrew Bailey said the strong relationship always enjoyed by the two organisations will continue after Brexit. “The MoUs we have agreed today will ensure the FCA and ASIC have uninterrupted exchange of information and can supervise cross-border activity of firms. They provide a strong signal to the markets that the UK will continue to play an important role after Brexit. The MoUs will also provide much-needed assurance to our regulated stakeholders.

“We also support the continuity of existing equivalence decisions which will minimise disruption for firms in the UK and Australia.”

Chair at ASIC, James Shipton added: “ASIC is pleased to have cooperation arrangements in place with the FCA on trade repositories and alternative investment funds. While the FCA and ASIC have always maintained a very close relationship on supervisory and enforcement matters, these two MOUs will enhance cooperation and information sharing between the authorities. Our commitment to ensuring the continuity of equivalence decisions will provide certainty to businesses and consumers and contribute to a fair, strong and efficient financial system.”

These MoUs will enter into force on the date EU legislation ceases to have direct effect in the UK. This will occur when the UK leaves the EU, or at the end of the transition period if a Withdrawal Agreement is in place.

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