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FINRA, ASIC Enter Into Cooperation Agreement

Australian Securities and Investments Commission (ASIC) and the US-based non-governmental regulator Financial Industry Regulatory Authority (FINRA) have signed a memorandum of understanding (MoU) to promote and support greater cooperation between the two regulators.

FINRA said that the MoU will establish a framework for mutual assistance and the exchange of information between two regulators, to help ensure that high standards of market integrity and consumer protection are maintained in both jurisdictions.

The agreement is expected to help the regulators to investigate possible instances of cross-border market abuse in a timely manner, exchange information on firms under common supervision of both regulators, and allow better collaboration on approaches to risk-based supervision of firms.

Tony D’Aloisio, chairman of ASIC, said: “This MoU will enhance the supervision of financial markets in both Australia and the US. This is particularly important in light of ASIC’s new market supervision responsibilities.”

Richard Ketchum, chairman and CEO of FINRA, said: “Today’s agreement is a true indication of the global reach of the capital markets. ASIC and FINRA will be able to share information more freely on firms we both oversee and collaborate more closely in dealing with cross-border fraud to better protect investors in the US and Australia.”