International strategy, forums and capacity building
Financial markets and the provision of financial services are global in nature.
It is important for regulators to engage with each other to ensure efficient but robust and sustainable markets, and to develop more effective international approaches to regulation and enforcement.
Through its international activities ASIC seeks to engage with international policy forums, participate in international standard setting and build relationships with foreign regulators. It does so in order to deliver and support ASIC's vision of a fair, strong and efficient financial system for all Australians.
ASIC's International team assists in coordinating and supporting ASIC's international activities. Gerard Fitzpatrick is ASIC's Senior Executive, International.
Key forums
ASIC participates in a number of important international policy forums and organisations which facilitate collaboration among securities regulators and promote cooperation.
International Organization of Securities Commissions
The International Organization of Securities Commissions (IOSCO) is the international body that brings together the world's securities regulators and is recognised as the global standard setter for the securities sector. IOSCO develops, implements and promotes adherence to internationally recognised standards for securities regulation.
ASIC signed the IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU), which facilitates cross-border enforcement and exchange of information among international securities regulators, on 8 October 2002.
ASIC is a permanent Board member of IOSCO and actively participates in a number of IOSCO committees, task forces and working groups. Joseph Longo of ASIC is currently Vice Chair of the IOSCO Asia Pacific Regional Committee (APRC).
OECD
The Organisation for Economic Co-operation and Development (OECD) is an intergovernmental organisation that works to establish evidence-based international standards and find solutions to social, economic and environmental challenges. ASIC participates in the Working Party on Financial Consumer Protection, Education & Inclusion and engages with the OECD on issues such as on corporate governance.
Corporate Registers Forum
The Corporate Registers Forum (CRF) is an international not-for-profit organisation for administrators of corporate and securities registers.
ASIC has been a member of the Executive Committee of the CRF since its establishment in 2005.
FinCoNet
The International Financial Consumer Protection Organisation (FinCoNet) is an international organisation of supervisory authorities which have responsibility for financial consumer protection. It was established in 2013 and is headquartered in Paris. FinCoNet collaborates with other international bodies and contributes to advancing the G20’s financial consumer protection agenda. ASIC is a member of the Governing Council.
Global Financial Innovation Network
The Global Financial Innovation Network (GFIN) is an international network of more than 90 financial regulators and related organisations which is committed to supporting financial innovation in the best interests of consumers. Formally launched in 2019, the GFIN aims to promote the sharing of experience of innovation in respective markets, provide a forum for joint RegTech work and foster an environment for trialling cross-border solutions.
International Association of Insolvency Regulators
The International Association of Insolvency Regulators (IAIR) is an international body that brings together the collective experiences and expertise of government insolvency regulators from jurisdictions around the world. IAIR members have a unique perspective given the role that they play in insolvency systems.
International Association of Insurance Supervisors
The International Association of Insurance Supervisors (IAIS) has over 200 member jurisdictions and is the global standard-setting body responsible for developing and assisting in the implementation of principles, standards and guidance as well as supporting material for the supervision of the insurance sector. ASIC became a signatory to the International Association of Insurance Supervisors (IAIS) Multilateral MOU on 23 October 2023. ASIC participates in the IAIS Market Conduct Working Group (MCWG).
International Forum of Independent Audit Regulators
The International Forum of Independent Audit Regulators (IFIAR) provides a forum for sharing knowledge of the audit market environment and practical experiences in independent audit regulatory activity.
Capacity building
ASIC has a long history of capacity building and it forms part of ASIC’s whole-of-government work. ASIC works with DFAT to deliver capacity building programs, focused on regulators in the Asia-Pacific region.
Capacity building contributes to better regulation in the region, building our relationships with other regulators and supporting information sharing. It assists with ensuring internationally aligned policies and standard setting, which helps reduce regulatory and market fragmentation.
The International team leads ASIC’s capacity building initiatives and supports delegations from international organisations, foreign regulators and law enforcement agencies. For more information, see requests for visits to ASIC by foreign delegations
Free Trade Agreements
ASIC works with DFAT and Treasury to review the financial services provisions of free trade agreements (FTAs). FTAs benefit Australian businesses by reducing and eliminating certain barriers to international trade and investment. Australia has FTAs with more than 20 countries and is seeking to negotiate more FTAs. ASIC provides input to ensure that FTAs are consistent with domestic financial services regulatory priorities and align with regulatory frameworks.