ASIC signs information exchange memo with UAE regulator

THE Australian Securities and Investments Commission has signed a memorandum of understanding with the Emirates Securities and Commodities Authority, enabling the exchange of information between the two regulators. According to ASIC the MOU establishes a framework for mutual assistance and the exchange of information between Australia and the United Arab Emirates that will make regulation of cross-border financial services more effective. Information exchanged between the two regulators may be used in civil and criminal investigations and proceedings. This information can also be used to assist other law enforcement or regulatory bodies such as stock exchanges to enforce laws relating to insider trading, market manipulation and other fraudulent practices in relation to companies, securities and derivatives, as well as collective investment schemes.

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