POWERED BY MOMENTUM MEDIA
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
Morningstar believes there is still further to run with the potential takeover of Insignia Financial even with original bidder Bain Capital walking away.
Insignia Financial has announced the status of the two private equity bidders as due diligence comes to an end.
The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
