The UK Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) have signed memoranda of understanding (MoU) to continue cooperation on trade repositories and alternative investment funds (AIFs) following Brexit.

The requirement for the agreement on trade repositories has been triggered by the prospect of the FCA taking over supervisory powers after Brexit.

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At present, these powers are held by the European Securities and Markets Authority.

With the new agreement in place, ASIC can continue to gain access to derivatives contract data held in UK trade repositories.

The agreement on AIFs has been updated considering the post-Brexit regulatory landscape.

Through this agreement, the regulators can efficiently administer AIFs with a cross-border presence, their managers, delegates and depositories even after Brexit.

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FCA CEO Andrew Bailey said: “The MoUs we have agreed today will ensure the FCA and ASIC have uninterrupted exchange of information and can supervise cross-border activity of firms.

“They provide a strong signal to the markets that the UK will continue to play an important role after Brexit.”

The agreements will be effective once UK ceases to be part of the EU.

Besides, the two watchdogs will ensure that existing equivalence decisions are retained.

ASIC chair James Shipton said: “Our commitment to ensuring the continuity of equivalence decisions will provide certainty to businesses and consumers and contribute to a fair, strong and efficient financial system.”