A new agreement covering liaison, cooperation, assistance, joint enquiries and exchange of confidential information arrangements has been signed by the Australian Securities and Investment Commission and the Australian Competition and Consumer Commission.

The new Memorandum of Understanding (MOU) updates the existing MOU that has been in place since 1998. It reflects the close working relationship the two agencies have developed.

The MOU will reinforce the cooperative approach the agencies have been taking to address wealth creation seminars and get rich quick schemes, as well as misconduct in debt collection. ASIC and the ACCC recently released a joint brochure outlining their respective roles in relation to debt collection.

The full text of the MOU and the joint brochure on debt collection are available from www.asic.gov.au or from the ACCC website (see attachments below).