Monday 8 April 2019 1:25 pm

City watchdog FCA strengthens post-Brexit ties with Australian regulator

The City watchdog has strengthened ties with its Australian counterpart to secure cooperation post-Brexit.

The Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) have agreed two Memoranda of Understanding (MoU) covering trade repositories and alternative investment funds, to ensure continuity after the UK leaves the EU.

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Under the agreement, Australia will be able to access trade repositories, which collect records of derivatives, that are based in the UK.

The MoU also ensures that alternative investment firms that operate across borders will be properly supervised in both countries.

Andrew Bailey, FCA chief executive, said: “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 uninterrupted exchange of information and can supervise cross-border activity of firms.

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“They provide a strong signal to the markets that the UK will continue to play an important role after Brexit.”

The MoUs will be activated on the day the UK leaves the EU, or at the end of the transition period if a withdrawal agreement is in place.