The Australian Securities and Investments Commission (ASIC) and the New Zealand Securities Commission (NZSC) met in Sydney last week for their third time to thrash out ways to achieve better regulatory co-operation. 

An updated memorandum of understanding – replacing one signed in the mid-’90s – was signed by the regulators in a bid to overcome issues over cross-border fraud.

The agreement has also been updated to improve the information flow between the regulators, particularly on enforcement matters.

ASIC Chairman Jeff Lucy says it’s vital to “maintain well-regulated market where securities law is efficiently enforced”.

“The close proximity of our two countries provides excellent opportunities for us to work together to continue to make the Australasian markets attractive to investors.”

NZSC Chairman Jane Diplock – ASIC’s NSW Regional Commissioner until 2001 – says the move will help implement a “single economic market that will benefit business and investors on both sides of the Tasman”.

Key issues addressed included regulatory developments, joint enforcement matters, identification of significant cross-border risks, and progress with the mutual recognition of cross-border offerings of securities.