ASIC and ACNC Sign MOU
Tuesday, 18th June 2013 at 11:37 am
Australia’s corporate regulator, ASIC, and the national charity regulator have formally agreed to collaborate to deliver streamlined regulation for registered charities that are also registered with ASIC as companies.
The Australian Securities and Investment Commission (ASIC) Chairman Greg Medcraft and the the Australian Charities and Not-for-profits Commission (ACNC) Commissioner Susan Pascoe AM have signed a memorandum of understanding (MOU) to consolidate the working relationship between the two agencies.
The collaborate is set to affect some 6000 Australian charities.
Greg Medcraft says the agreement between the agencies will reduce overlap and help both agencies better achieve their statutory objectives.
"The agencies keep in regular contact to ensure that the guidance and information we give to charities registered with us and the ACNC is consistent and accurate,” Medcraft said.
ACNC Commissioner Susan Pascoe said the MOU formalises the two agencies’ working relationship.
“This MOU will help the ACNC to promote, maintain, and enhance public trust and confidence in the charity sector.
“Already we have been working together to identify our mutual legislative and system requirements," Pascoe said.
“The new MOU is a principles-based document that will underpin the future relationship between ASIC and the ACNC. It allows for information sharing, staff secondments, mutual training arrangements, joint task-forces and service agreements.
“It does not affect the legal position on what information may or may not be disclosed to the other agency. Both agencies remain subject to existing secrecy and confidentiality provisions in the law,” Pascoe said.
Last year the ACNC and ASIC announced that charities registered with ASIC (estimated to be approximately 6000) would now primarily report to the ACNC and they would not need to pay the ASIC annual review fee.
There is no fee to report to the ACNC or to become a registered charity.
View the ASIC/ACNC MOU on the ACNC website.