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ASIC, APRA build closer ties with new pact

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Australia’s financial regulators have agreed to a new mutual accord aimed at improving cooperation and information sharing between the pair.

The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) published their updated Memorandum of Understanding on Friday, which will be regularly reviewed.

The new agreement follows on from recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. APRA and ASIC are also working closely with government on legislative changes required to implement those recommendations.

“Strengthening engagement is a key priority of the ASIC Commissioners and APRA Members. We will continue to work closely together to enhance regulatory outcomes and achieve our respective mandates,” APRA chair Wayne Byres said.

The agencies are now regularly meeting under a revised engagement structure and working together on data, thematic reviews, governance and accountability. Both agencies are committed to detecting prudential and conduct issues early and working to revolve them efficiently.

ASIC Chair James Shipton said the newly signed pact facilitates more timely supervision, investigations and enforcement action, as well as deeper cooperation on policy matters and internal capabilities.