ASIC and AFSA announce refreshed memorandum of understanding
Veronique Ingram
Australian Financial Security Authority’s Chief Executive Veronique Ingram and Commissioner John Price of the Australian Securities and Investments Commission (ASIC) have announced the release of a new Memorandum of Understanding (MOU) between AFSA and ASIC.
ASIC and AFSA are responsible for the oversight of Australia’s insolvency systems for individuals and corporations.
Mr Price said the new memorandum facilitates the capacity for both agencies to work more cooperatively and productively.
‘While ASIC and AFSA have had similar memorandums, the latest agreement acknowledges the benefits obtained from sharing information and resources, while still maintaining proper information and privacy protections at a high level,’ Mr Price said.
Ms Ingram said that the new MOU further extends the liaison, cooperation, assistance and the exchange of information to enhance the effective and efficient performance of the regulatory functions of ASIC and AFSA.
The previous MOU between ASIC and the AFSA was signed in April 2002. The revised MOU has been updated to reflect developments since that time, including:
the Senate Economics References Committee 2010 report on The Regulation, Registration and Remuneration of insolvency Practitioners in Australia: The Case for a New Framework, which led to a range of proposals directed at harmonising and streamlining the personal and corporate insolvency systems, and
administrative and functional changes such as the change of name of Insolvency and Trustee Service Australia to AFSA and assumption by AFSA of responsibility for the Personal Property Securities Register, which incorporates the former ASIC Register of Company Charges.
