The Australian Securities and Investments Commission (ASIC) and the Office of the Australian Information Commissioner (OAIC) have signed a Memorandum of Understanding (MoU) for the sharing of data and privacy breach information.

The MoU allows for information sharing, enabling the two agencies to proactively share information for the purposes of exercising powers or performing functions, and in response to written requests. It sets out steps and actions for the request, sharing, use and confidentially of information.

ASIC Chair Joe Longo said, ‘Data and privacy breaches are becoming more common in our rapidly growing digital world. We need to have the appropriate mechanisms in place to be able to act fast and effectively when needed.

‘By proactively sharing necessary information between our two agencies, ASIC will be in a stronger position to exercise our powers and perform our functions.’

Australian Information Commissioner Angelene Falk said, ‘Protecting the public interest is best served by ensuring a joined-up approach by regulators that can efficiently and effectively deal with matters that cross regulatory domains.

‘This MoU supports that approach,’ Ms Falk said.

The agreement, effective from date of signing, continues in perpetuity so long as both agencies deem it accurately reflects their powers, functions and duties relevant to the sharing of information.