The new MOU is designed to facilitate the exchange of information and ensure appropriate referral of relevant matters between the two agencies.
It is also intended to promote cooperation in the areas of compliance, education and enforcement by obliging the regulators to share information when it would make sense to do so and allows for the establishment of joint task forces when and where appropriate.
In promoting a spirit of cooperation one would’ve thought should have already existed, the MOU requires that ASIC and AFSA liaise in regards to operational and policy matters, liaising being defined for the purposes of the MOU as, among other things, a minimum two meetings a year.
|ASIC's John Price|
The new MOU came into effect on September 30, 2014 and is signed by the Inspector General in Bankruptcy Veronique Ingram and ASIC Commissioner John Price. See for yourself: MOU between AFSA and ASIC - September 2014