ASIC and the UK’s FCA have signed an Enhanced Cooperation Agreement to promote innovation in financial services in both Australia and the UK. This replaces the original agreement signed in 2016 and is part of the FinTech Bridge collaboration announced late 2017 (previously discussed here).
Under the new agreement, ASIC and the FCA are able to not only information-share and refer innovative businesses to each other but refer these businesses directly to the other party’s regulatory sandbox. ASIC and the FCA have also agreed to consider co-hosting fintech and regulatory technology events, and conduct joint policy work to reach shared approaches and positions.
ASIC currently has either information sharing or cooperation agreements with the Hong Kong Securities and Futures Commission (SFC), Monetary Authority of Singapore (MAS), Canada’s Ontario Securities Commission (OSC), the Capital Markets Authority of Kenya (CMA), and Indonesia’s Otoritas Jasa Keuangan (OJK).
Under ASIC’s agreements with the CMA and OJK, the regulators have committed to sharing information in their respective markets relating to emerging market trends and the regulatory issues arising as a result of growth in innovation. Under ASIC’s agreements with the SFC, MAS and OSC, the regulators will also be able to refer to one another innovative businesses seeking to enter the others’ market.