ASIC signs cross-border enhancement memorandum
The Australian Securities and Investments Commission (ASIC) has become one of the first signatories to an enhanced standard for cross-border enforcement cooperation.
By signing the IOSCO Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (EMMoU), ASIC has highlighted its power to assist foreign regulators.
This can be through compelling physical attendance for testimony, obtaining and sharing audit work papers, communications and other information relating to the audit and review of financial statements, and by providing guidance on freezing of assets.
The EMMoU also provides the framework for the regulator to request reciprocal assistance of this nature from fellow EMMoU signatories.
“ASIC is pleased to be amongst the first to sign the EMMoU, which expands the range of enforcement powers that signatories may use to safeguard the integrity and stability of markets, protect investors, and deter misconduct and fraud,” said ASIC chair James Shipton.
“It strengthens ASIC’s enforcement tools and supports our efforts to investigate and combat cross-border fraud and misconduct.”
There are currently 118 signatories to the MMoU from across the world, six of which have also successfully attained EMMoU signatory status to date, ASIC said.
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