The Australian Securities and Investment Commission (ASIC) and the State Securities Commission (SSC) of Vietnam signed their first Memorandum of Understanding (MoU) Memorandum of Understanding (MOU) A memorandum of understanding (MOU) is defined as a nonbinding agreement between two or more parties that outlines the terms and details of an understanding. This includes each parties’ overall requirements and responsibilities. An MOU is seen as the first stage in the formation of a formal contract between two or more parties. These contracts are used throughout many industries, between companies, authorities, regulators, and individuals.At its core, an MOU is not legally binding though is view A memorandum of understanding (MOU) is defined as a nonbinding agreement between two or more parties that outlines the terms and details of an understanding. This includes each parties’ overall requirements and responsibilities. An MOU is seen as the first stage in the formation of a formal contract between two or more parties. These contracts are used throughout many industries, between companies, authorities, regulators, and individuals.At its core, an MOU is not legally binding though is view Read this Term in Sydney on 2 August 2024. This MoU aims to support information sharing under a formalised capacity-building program funded by the Department of Foreign Affairs and Trade (DFAT).

The MoU was signed by ASIC Chair Joe Longo and SSC Chairwoman Madam Vu Thi Chan Phuong, with senior Vietnamese government officials present as witnesses.

ASIC and SSC Partnership

The agreement outlines a commitment from both ASIC and SSC to enhance dialogue and technical cooperation. The program, funded by DFAT through the Mekong Australia Partnership (MAP), focuses on improving Vietnam’s regulatory system and capital market resilience.

It includes strengthening technical cooperation, sharing information, and addressing mutual interests to ensure fair, orderly, and transparent markets.

SSC Chairwoman Madam Vu Thi Chan Phuong noted that the MoU reflects a positive and collaborative relationship between the two agencies, aiming to support the development of securities markets and overall prosperity in both Vietnam and Australia.

Meanwhile, ASIC has reminded Australian Financial Services (AFS) licensees about new notification requirements for the experienced provider pathway, effective July 1, 2024, as reported by Finance Magnates. Licensees must notify ASIC within 30 business days of receiving a declaration from a qualified financial adviser.

This pathway allows experienced advisers to meet standards without extra education. For declarations received before July 1, the 30-day countdown starts on that date. Notifications should be submitted via ASIC Connect. The Financial Advisers Register will not show pathway usage.

MoU Signing Event Summary

The event was attended by Vietnamese Consul-General Nguyen Dang Thang, along with other senior representatives from the Vietnamese government and DFAT. The MoU signing was followed by a bilateral meeting where current regulatory issues and future activities under the program were discussed.

ASIC ASIC The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the The Australian Securities and Investments Commission (ASIC) is the prime regulator in Australia for corporate, markets, financial services, and consumer credit. It is empowered under the financial service laws to facilitate, regulate, and enforce Australian financial laws. The Australian Commission was set up and is administered under the Australian Securities and Investment Commission Act of 2001. ASIC was initially the Australian Securities Commission based on the 1989 ASC Act. Initially, the Read this Term Chair Joe Longo said, “The engagement demonstrates the strong ties between our countries and our mutual dedication to fostering cooperation and development of our respective capital markets.”

“ASIC stands ready to provide technical assistance, training, and knowledge to enhance Vietnam’s regulatory capabilities and infrastructure,” he added.