The Securities and Futures Commission has become one of the first signatories to the Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (EMMoU) of the International Organization of Securities Commissions (IOSCO) for cross-border enforcement cooperation (Note 1).
The EMMoU, approved by IOSCO in March 2017, is built upon the current Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information to which the SFC has been a signatory since March 2003.
The EMMoU provides IOSCO members who are signatories with additional tools to meet the challenges of combating financial misconduct in an increasingly complex, inter-connected and technology-driven global financial market.
Under the EMMoU’s framework for mutual assistance and exchange of information, securities regulators can obtain and share audit working papers, telephone as well as internet records, compel attendance at interviews and provide guidance on freezing of assets.
"The SFC is pleased to be one of the first signatories to the EMMoU. The EMMoU will foster more effective international cooperation among securities regulators in combating financial misconduct," said Mr Ashley Alder, the SFC’s Chief Executive Officer and chair of the IOSCO Board (Note 2).
"The additional tools under the EMMoU will no doubt improve our cooperation with overseas regulators when it comes to investigation and enforcement work with cross-border elements," said Mr Thomas Atkinson, the SFC’s Executive Director of Enforcement.
Notes:
- IOSCO is the leading international body that brings together securities regulators worldwide. The organisation develops, implements and promotes adherence to internationally recognised standards for securities regulation. It works closely with the G20 and the Financial Stability Board on the global regulatory reform agenda.
- Mr Alder was appointed as Chairman of the Board in May 2016. The IOSCO Board is the governing and standard-setting body of IOSCO and is comprised of 34 securities regulators worldwide. Details are available on the IOSCO website.
- Information on the EMMoU can be found at the IOSCO website at this link. IOSCO’s press release on the EMMoU can be found at this link.
