The Australian Securities and Investments Commission (ASIC) and its UK counterpart have agreed on ways to support post-Brexit bilateral co-operation.

ASIC and the Financial Conduct Authority (FCA) have agreed two memoranda of understanding (MOUs) to ensure continuity when the UK leaves the European Union.

The MOUs cover 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 co-operation and information sharing between the authorities,” ASIC Chairman James Shipton said.

“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.”

The MOUs will take effect when EU legislation ceases to apply in the UK.