25 September 2023

Investments watchdog invests in MoU

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The Australian Securities and Investments Commission (ASIC) has signed an international Memorandum of Understanding to join in cross-border consultation and cooperation in the sharing of information.

ASIC is among the first national regulators to sign up to the International Organisation of Securities Commissions (IOSCO) Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (EMMoU).

Chair of ASIC, James Shipton (pictured) said by signing the EMMoU, ASIC had highlighted its power to assist foreign regulators by compelling physical attendance for testimony, obtaining and sharing audit papers, communications and other information relating to the audit and review of financial statements, and providing guidance on the freezing of assets.

“The EMMoU also provides the framework for ASIC to request reciprocal assistance of this nature from fellow EMMoU signatories,” Mr Shipton said.

“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.”

He said it strengthened ASIC’s enforcement tools and supported efforts to investigate and combat cross-border fraud and misconduct.

Mr Shipton said the IOSCO is the international body that brings together the world’s securities regulators and is recognised as the global standard setter for the securities sector.

He said its membership regulates more than 95 per cent of the world’s securities markets in more than 115 jurisdictions.

More information about the EMMoU can be accessed at this PS News link.

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