In an attempt to respond swiftly to some of the risks and challenges that have arisen from technological developments and information sharing, ASIC has become one of the first signatories to the newest standards for cross-border enforcement. The latest Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (EMMoU) builds on the original 2002 Multilateral Memorandum of Understanding (MMoU), with a focus on assisting securities regulators better respond to some of the risks of globalisation and the interconnectedness of financial markets.

The original MMoU set a global benchmark for enforcing securities and derivatives laws across differing jurisdictions and, 16 years later in a world of ‘disruptive’ technologies, it is important to ensure our regulatory structures reflect the way the industry operates. The key mechanisms driving the EMMoU will provide regulators with enhanced abilities to obtain and share audit work powers, communications and other information in relation to the review of financial statements, as well as powers to compel physical attendance for testimony or to freeze assets, both vital tools in an age where information can disappear at the click of a button.