ASIC strikes agreement with Japanese regulator
The Australian Securities and Investments Commission (ASIC) has reached an accord with its counterpart in Japan - the Financial Services Agency (FSA) - to raise the level of co-operation between their respective countries in the policing of securities trading.
ASIC and FSA have signed a Statement of Intent Concerning Cooperation, Consultation and the Exchange of Information to encourage the pair to cooperate in the enforcement and supervision of laws governing securities and securities derivatives transactions in Australia and Japan.
“'The framework will improve the arrangement for providing assistance, obtaining information and the permissible use of that information,” ASIC chairman Jeffrey Lucy says.
Lucy says the agreement allows for the exchange of information and builds on an initial accord that was struck between the Australian Embassy and the Japanese Ministry for Foreign Affairs in Japan on August 26.
“As the need to combat transnational fraud grows, it is important that regulators share information about illegal securities activities,” Lucy says.
According to ASIC any information that is shared may be used in civil and administrative investigations and proceedings, along with assisting self regulatory organisations’ in their ongoing surveillance and/or enforcement activities.
Under the terms of the agreement, any sourced information between ASIC and FSA can also be used to assist criminal investigations.
“It is the only ASIC bilateral arrangement that is reinforced by such a government initiative,” Lucy says.
ASIC states that cross-border financial services transactions between Australia and Japan continue to grow as the two nations share an expansive trade relationship and are both being increasingly impacted by further moves towards globalisation.
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