This risk must be avoided by keeping a close watch on the public accounts ‒ in the short and long term ‒ and through the decisive implementation of cohesive reforms to preserve the trust of savers and regain that of investors. The ultimate goal, requiring perseverance and determination, has to be that of a lasting return to a path of social and economic development.
In both cases, this occurred under provisions requiring the overseas regulatory regime to be deemed ‘sufficiently equivalent’ to that in Australia and supervisory cooperation arrangements to be concluded with the relevant overseas regulators. The resulting oversight regime maintains a broad equivalence of standards, avoids regulatory overlap and provides for deference to the home regulator.