The United Kingdom is scheduled to leave the European Union on March 29 this year. This is expected to take place regardless of whether a deal has been reached between the two.
According to ASIC’s statement today, the regulator is monitoring the situation closely and has been in close contact with the Financial Conduct Authority (FCA), the Bank of England (BoE) and other Australian financial authorities to identify and plan for potential Brexit-related impacts, including a no deal situation.
Commenting on the preparation plans, ASIC Commissioner Sean Hughes said: “ASIC is well placed to manage the impacts arising in a ‘no deal’ scenario. We have been working closely with the UK’s financial regulators and our aim is to limit disruption to Australian financial services and our markets.”
As part of its plans, ASIC wants to strengthen its relationship with UK financial regulators, such as the FCA, post-Brexit. Once the UK has left the bloc, the FCA will take on more responsibility and acquire functions and supervisory powers in relation to credit rating agencies, benchmarks and trade repositories.
ASIC to Set Up new MoU with FCA
These are currently managed at the European level by the European Securities and Markets Authority (ESMA). The BoE will also take on new functions which are currently exercised by ESMA, in relation to non-UK central counterparties.
“ASIC and the FCA will enter into new Memorandums of Understanding (MoU) on trade repositories and credit rating agencies and will update our existing MoU on alternative investment funds. ASIC and the BoE will update information sharing arrangements on clearing and settlement facilities,” the statement said.
The BoE has also confirmed that it will conduct an equivalence assessment of Australia’s regime for central counterparties. The Australian regulator, along with the Reserve Bank of Australia (RBA), the country’s central bank, is working together with the BoE on the equivalence assessment, ASIC added.
The United Kingdom is scheduled to leave the European Union on March 29 this year. This is expected to take place regardless of whether a deal has been reached between the two.
According to ASIC’s statement today, the regulator is monitoring the situation closely and has been in close contact with the Financial Conduct Authority (FCA), the Bank of England (BoE) and other Australian financial authorities to identify and plan for potential Brexit-related impacts, including a no deal situation.
Commenting on the preparation plans, ASIC Commissioner Sean Hughes said: “ASIC is well placed to manage the impacts arising in a ‘no deal’ scenario. We have been working closely with the UK’s financial regulators and our aim is to limit disruption to Australian financial services and our markets.”
As part of its plans, ASIC wants to strengthen its relationship with UK financial regulators, such as the FCA, post-Brexit. Once the UK has left the bloc, the FCA will take on more responsibility and acquire functions and supervisory powers in relation to credit rating agencies, benchmarks and trade repositories.
ASIC to Set Up new MoU with FCA
These are currently managed at the European level by the European Securities and Markets Authority (ESMA). The BoE will also take on new functions which are currently exercised by ESMA, in relation to non-UK central counterparties.
“ASIC and the FCA will enter into new Memorandums of Understanding (MoU) on trade repositories and credit rating agencies and will update our existing MoU on alternative investment funds. ASIC and the BoE will update information sharing arrangements on clearing and settlement facilities,” the statement said.
The BoE has also confirmed that it will conduct an equivalence assessment of Australia’s regime for central counterparties. The Australian regulator, along with the Reserve Bank of Australia (RBA), the country’s central bank, is working together with the BoE on the equivalence assessment, ASIC added.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!