20th Anniversary of the IOSCO MMoU
In 2016, IOSCO adopted the Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (EMMoU). It is considered the next-level standard for enforcement cooperation in the securities market and signing it signals the signatories’ ability to exercise enhanced powers to cooperate with each other in combatting securities violations.
The enhanced powers that authorities exercise under the EMMoU include the ability to obtain audit information; compel witnesses; assist in asset freezing; and obtain telephone and internet subscriber records. These are critical in addressing the peculiar challenges of today’s securities markets caused by technological advances that have led to the emergence of new products and services, as well as new techniques for fraud and misconduct. As such, the EMMoU is considered a significantly important instrument for MMoU signatories to sign. So far, 22 MMoU signatories have signed and counting.