FINRA has struck an agreement with the Australian Securities and Investments Commission to enhance the work efforts between both regulators, a FINRA spokeswoman said.

To combat the series of fraudulent activities that have taken place over the past couple of months, the regulators are working together to promote fair practices among investors and consumers in a timely manner.

“Given today's global markets and the reach of intermediary firms operating across borders, we found that our interactions with Australia have grown more and more significant over time,” said Paul Andrews, FINRA’s vice president of international affairs and services in an email response. “We also found that our ability to share information about potential fraudulent scams, as well as having a more holistic view of common firms, was limited.”

ASIC Chairman Tony D’Aloisio and FINRA Chairman and CEO Richard Ketchum signed the bilateral agreement that indicated the free flow of information among the agencies. Previously, ASIC and FINRA worked together in tackling cross-border cases that impacted both markets on various levels.

According to the release by FINRA, the agreement calls for more cooperation in consumer protection efforts as well as market integrity in both countries. “[The] agreement is a true indication of the global reach of the capital markets,” said Ketchum. “ASIC and FINRA will be able to share information more freely on firms we both oversee and collaborate more closely in dealing with cross-border fraud to better protect investors in the U.S. and Australia.”

D'Aloisio said in the statement,” This [agreement] will enhance the supervision of financial markets in both Australia and the U.S. The U.S. and Australian financial markets are highly globalized, and it is crucial to both agencies that we have effective cooperation agreements with key partner jurisdictions.”

The agreement also will assist in cross-border investigations involving market abuse under the supervision of the regulators and will strengthen the approaches in dealing with the risks associated with the supervision of firms.