The Australian Securities and Investments Commission (ASIC), and UK’s Financial Conduct Authority (FCA) have signed an agreement to support innovative businesses looking to enter each others’ markets.
The agreement comes after the two regulators created innovation hubs to support start-ups navigate financial regulation and secure authorisation.
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Under the new agreement, the two regulators will cooperate with each other to operate a referral mechanism.
In addition, they will also exchange information on emerging market trends and the impact on regulation.
FCA director of strategy and competition Christopher Woolard said: "’Innovation in financial services isn’t limited by national borders and so it’s important that we support overseas businesses that have new ideas that could benefit British consumers. We also know that many British firms wish to use the UK as a springboard to launch their businesses or products internationally, making them potentially more sustainable challengers.
"That is why this agreement – the first of many, we hope – is important. With ASIC, we will reduce the barriers for authorised firms looking to grow to scale overseas and to assist non-UK innovators interested in entering the market we oversee."
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