Sydney, March 25, 2013 – ASIC and its French counterpart the Autorité des Marchés Financiers (AMF) have signed an updated memorandum of understanding (MOU) facilitating information sharing and mutual assistance.
The MOU reaffirms the long-standing cooperative relationship between ASIC and the AMF, and replaces the 1995 MOU entered into by the predecessors to ASIC and the AMF, the 91AV Commission and the Commission des Opérations de Bourse, respectively.
Recognising the increasing international activity in financial markets, ASIC and AMF affirm their commitment to a close and constructive regulatory relationship. They will 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.
The signing took place on Friday 22 March 2013 between ASIC Chairman Greg Medcraft and AMF Chairman Gérard Rameix.
Mr Medcraft said: ‘The MOU formalises our mutual commitment to effective cross-border financial regulation, reduction of systemic risk, and the protection of investors and the integrity of markets.
‘It 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.
‘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 Medcraft said.
Mr Rameix said: ‘ASIC and AMF have a strong cooperative relationship and we particularly appreciate the quality of our regulatory dialogue with ASIC.
‘With this MOU, we look forward to further enhancing this close and constructive relationship and sharing experience and expertise with ASIC in areas of common interest.
‘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,’ Mr Rameix said.