The Australian Securities and Investments Commission (ASIC) has strengthened its investigative and enforcement powers by becoming one of the first signatories of an enhanced standard for cross-border cooperation.
ASIC inked the IOSCO Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (EMMoU), which highlighted its power to assist foreign regulators by 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 provide guidance on freezing of assets. The EMMoU also allows ASIC to request reciprocal assistance 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.”
The IOSCO EMMoU builds upon the IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU), the global benchmark for international cooperation in the enforcement of securities and derivatives laws and regulations. ASIC has been a signatory of the MMoU since its inception in 2002.