April 9, 2019, | AtoZ Markets – With Brexit triggering more concerns on how business relations between the EU and the UK that is parting soon, financial regulators, not only in the EU, but in other continents as well, are preparing for their post-Brexit Forex regulations.
In that context, both the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC) confirm today that they will keep mutual cooperation and coordination regardless of any Brexit developments.
Both regulators have agreed on two Memoranda of Understanding, in correspondence with the G20 regulations.
The memoranda ensure mutual cooperation between the two financial bodies, in trade repositories and alternative investment funds (AIFs), after the UK leaves the EU.
Against the background of the news, the Chief Executive of the UK FCA, Andrew Bailey, commented saying: “The FCA and ASIC have always had a strong relationship, which will continue after Brexit. The MoUs we have agreed today will ensure the FCA and ASIC have an uninterrupted exchange of information and can supervise the cross-border activity of firms.
“We also support the continuity of existing equivalence decisions which will minimize disruption for firms in the UK and Australia,” Bailey elaborated.
The agreements will enhance the Forex regulatortions
On his turn, James Shipton, Chairman of ASIC, stressed the importance of the two memoranda, expressing that there has always been cooperation between the FCA and ASIC with regard to regulations.
“ASIC is pleased to have cooperation arrangements in place with the FCA on trade repositories and alternative investment funds. While the FCA and ASIC have always maintained a very close relationship on supervisory and enforcement matters, these two MOUs will enhance cooperation and information sharing between the authorities.”, said Shipton.
It is worth mentioning that the Australian Parliament had recently started discussing a new bill on amending the the local regulatory framework for retail brokers.
The bill expands ASIC’s authority and allows it to make radical changes in the market’s regulations today.