Media Releases
Published Date: 16 May 2000

Memorandum of Understanding signed in Sydney on 16 May 2000 at 1.30 pm (Sydney time)MAS signs Memorandum of Understanding with the Australian Securities and Investments Commission



16 May 2000... The MAS announced today that it has signed a Memorandum of Understanding (MoU) with the Australian Securities and Investments Commission (ASIC).

Under the MoU, MAS and ASIC agree to provide mutual assistance and exchange information necessary for investigations into offences or fraudulent practices regarding securities and futures transactions, as well as to facilitate the effective performance of their supervisory functions and enforcement of laws and regulations.

The MoU was signed by MAS Deputy Managing Director Mr Tharman Shanmugaratnam and ASIC Chairman Mr Alan Cameron in Sydney. Said Mr Shanmugaratnam, "The signing of the MoU is timely, given the increase in cross-border trades in today's environment. Regulators need to cooperate to detect and prosecute securities fraud, which serve only to undermine the integrity and efficiency of securities markets worldwide."

MAS has also entered into MoUs with other foreign regulators. The most recent of which was with the Commission des Operations de Bourse and Conseil des Marches Financier of France. MoUs have been and will continue to play an important role in facilitating communication between securities and futures regulatory authorities.