ASIC and the Financial Industry Regulatory Authority (FINRA) of the United States have today entered into a Memorandum of Understanding (MOU) to promote and support greater cooperation between the two 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. Among other things, the agreement will 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 more robust collaboration on approaches to risk-based supervision of firms.

The agreement was signed by ASIC Chairman, Tony D’Aloisio and FINRA Chairman and CEO, Richard Ketchum. ASIC and FINRA have a long history of cooperation in cross-border cases affecting both markets.

Further details are available from ASIC.