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.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
The super fund has launched Retirement Manager, a digital advice tool helping members plan income, spending, and retirement confidence with integrated support.
APRA has warned retail super trustees that financial adviser involvement in recommending platform products does not diminish their obligations, as regulators turned the spotlight on the Shield Master Fund and First Guardian Master Fund during a meeting with fund CEOs.
AMP’s chief economist has unveiled a wish list for the Australian government’s Economic Reform Roundtable.
Australian retirees could increase their projected annual incomes between 3 and 51 per cent by incorporating personal and household data into their retirement income strategies, according to new research.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
215.17 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
4
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
60.93 3 y p.a(%)
