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ASIC joins US regulator to form global watchdog

Staff Reporter 1 minute read

By: Belinda Luc

In a bid to enhance the regulation of the financial services industry, ASIC has signed a cooperation agreement with the US Financial Industry Regulatory Authority (FINRA).

The Memorandum of Understanding (MOU) aims to promote and support greater cooperation between the two corporate regulators.

The MOU establishes a strong framework for mutual assistance and the exchange of information between ASIC and FINRA to help ensure that high standards of market integrity and consumer protection are maintained in both jurisdictions.

Included in the agreement is a mutual commitment to investigate possibilities of cross-border market abuse, exchange information and allow more robust collaboration on approaches to risk-based management of businesses that the regulators are responsible for overseeing.

“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,” ASIC chairman Tony D’Aloisio said.

ASIC joins US regulator to form global watchdog
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