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21 July 2004

News Release

ASIC and Securities Commission discuss cooperative regulation

The Australian Securities and Investments Commission (ASIC) and the New Zealand Securities Commission are to explore opportunities for greater cooperative regulation at a time of increasing cross-border investment.

At an historic first meeting in Melbourne recently the two Commissions agreed to strengthen their existing cooperation and to share information about cross border scams.

Joint enforcement strategies and investor education programs to target scams are also being considered.

The Australian and New Zealand Governments have released a discussion paper containing a proposal for mutual recognition of securities offerings in each country, so that the offer can be made to investors in the other country. At the meeting, the Securities Commission and ASIC agreed to work on the detailed regulatory arrangements that would need to be put in place to underpin that proposal.

'In an era of increasing globalisation of securities markets, it is important that regulators regularly exchange information and develop cooperative regulatory arrangements. Given the amount of trans-Tasman trade, ASIC is very pleased to have a strong relationship with the New Zealand Securities Commission', said Mr Jeffrey Lucy, the ASIC Chairman.

'The New Zealand Securities Commission is pleased to work with ASIC to facilitate business across the Tasman', said Chairman Jane Diplock. 'More cooperative regulatory arrangements between the Commission and ASIC will assist businesses operating in both countries.

ASIC is responsible for enforcing and regulating company and financial services laws to protect consumers, investors and creditors. ASIC regulates the financial markets, securities, futures and corporations and is responsible for consumer protection in superannuation, insurance, deposit taking and credit.

Contact: Catherine Chapman, Communications Manager (04) 471 7659