Treasury focus on cross border financial regulations
The Australian Securities and Investments Commission (ASIC) and the Federal Treasury have released a joint consultation paper on improving the cross border recognition of financial markets, the Minister for Superannuation and Corporate Law, Senator Nick Sherry, announced today.
The paper, ‘Cross Border Recognition: Facilitating Access to Overseas Markets and Financial Services’, has identified some scope for improvements to the existing system of cross border regulation as well as outlining a new framework for mutual recognition between countries, Senator Sherry said.
“The measures canvassed in the consultation paper are to finetune Australia’s unilateral recognition mechanisms that apply to foreign financial markets, advisers and products,” he said.
“The consultation paper will assist the development of a framework for mutual recognition of securities regulation for use in agreements between Australia and other countries with well-regulated financial markets.”
He added that Australia was currently negotiating a world-first recognition of financial securities with the United States.
Last week an agreement of mutual recognition of securities between Australia and New Zealand was announced.
The consultation paper will be available for comment on the ASIC website until July.
Recommended for you
As the industry navigates the fallout from recent product failures, two major AFSLs have detailed their APL selection process and relationship with research houses, warning a selection error could “destroy” a licensee.
The impending retirement of financial advisers in their 50s could see the profession face significant succession challenges over the coming decade and younger advisers may not be the answer.
With a third of AFSLs being solo advisers, how can they navigate key person risk and ensure they are still attractive propositions for buyers when it comes to their succession planning?
A quarter of advisers who commenced on the FAR within the last two years have already switched licensees or practices, adding validity to practice owners’ professional year (PY) concerns.
