“Today`s expanded agreement underscores the commitment of ACF and ASIC to closer cooperation in fintech. Cooperation between regulators is an essential part of helping innovative companies in international legal systems to prosper and bring their products to market for the benefit of consumers. When we signed the initial agreement with ASIC in 2016, we said we hoped it would be the first in a series of others. I am happy to say that was certainly the case. TA is a company that is limited by warranty and the highest entity for tennis in Australia, which receives revenue from the fees it earns through the licensing of rights for the transfer of its tournaments. Since 2012, Seven has held the national broadcasting rights for more than 40 years, with the last contract with Seven expiring in July 2014. Seven were given an exclusive negotiating deadline from April 1 to September 30, 2013 for an extension of the agreement. Based on cooperation agreements such as those signed today with ASIC, the ACF recently sought advice on the benefits of creating a global sandbox. This could allow companies to conduct simultaneous testing in different jurisdictions and allow regulators to cooperate and identify and resolve common cross-border regulatory problems. The ACF will review all comments received, discuss the approach with international regulators such as ASIC and expect it to submit a new update in due course. On 12 May, the Financial Conduct Authority (FCA) entered into a cooperation agreement with the Securities and Futures Commission (SFC) in Hong Kong to promote cooperation in fintech innovation. As part of the agreement, the ACF and the SFC will collaborate on the transmission of information and the intermediation of innovative companies wishing to enter the other`s market. These agreements provide reassurance by ensuring that cross-border cooperation agreements are concluded between ACF and ASIC. The ACF and ASIC also support the continuity of existing equivalency decisions to ensure business security after Brexit.
The UK`s Financial Conduct Authority (CI-AFTER “FCA”) and ASIC have signed an enhanced cooperation agreement between their innovation centres to extend their existing cooperation and coordination agreement in the field of fintech innovation. The agreement is part of the largest Fintech bridge signed by the British Chancellor of the Exchequer and the Australian Treasurer. On May 20, 2013, TA`s Board of Directors unanimously adopted a recommendation by its then CEO, Steven Wood, to authorize a five-year extension with Seven to a royalty that was a substantial increase from the previous agreement.