Treasury focus on cross border financial regulations
The Australian Securities and Investments Commission (ASIC) and the Federal Treasury have released a joint consultation paper on improving the cross border recognition of financial markets, the Minister for Superannuation and Corporate Law, Senator Nick Sherry, announced today.
The paper, ‘Cross Border Recognition: Facilitating Access to Overseas Markets and Financial Services’, has identified some scope for improvements to the existing system of cross border regulation as well as outlining a new framework for mutual recognition between countries, Senator Sherry said.
“The measures canvassed in the consultation paper are to finetune Australia’s unilateral recognition mechanisms that apply to foreign financial markets, advisers and products,” he said.
“The consultation paper will assist the development of a framework for mutual recognition of securities regulation for use in agreements between Australia and other countries with well-regulated financial markets.”
He added that Australia was currently negotiating a world-first recognition of financial securities with the United States.
Last week an agreement of mutual recognition of securities between Australia and New Zealand was announced.
The consultation paper will be available for comment on the ASIC website until July.
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