ASIC has become one of the first signatories to the IOSCO Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (EMMoU), an enhanced standard for cross-border enforcement cooperation.
By signing the EMMoU, ASIC has 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 provides the framework for ASIC to request reciprocal assistance of this nature from fellow EMMoU signatories.
ASIC Chair James 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. 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 which ASIC has been a signatory to since its inception in 2002.
There are currently 118 signatories to the MMoU from across the world, six of which have also successfully attained EMMoU signatory status to date.