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Corporations Law changed to allow international cooperation among regulators
The Government has changed the Corporations Law to improve the efficiency of cross-border interactions between Australian business regulators and those abroad.
Amendments to the Mutual Assistance in Business Regulation Act 1992 (MABRA) will improve the speed and scope of cross-border cooperation and information-sharing for the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC) and the Australian Competition and Consumer Commission (ACCC) and their foreign counterparts, according to the Parliamentary Secretary to the Treasurer, Bernie Ripoll.
Ripoll said the Gillard Government was committed to ensuring that domestic regulators could effectively engage with regulators in other countries in order to support and protect global financial markets and drive better enforcement.
"Better enforcement will lead to more stable markets and greater confidence for market participants," Ripoll said.
He said the reforms were part of wider Government initiatives to improve international cooperation, including changes to the Corporations Law last November to establish the legislative framework for over-the-counter (OTC) derivatives.
"Following the global financial crisis, business regulators have been developing ways to more effectively oversee financial service providers that have global operations.
"The cooperation of international business regulators has been critical to this process," the Government statement read.
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