The Australian Securities and Investments Commission (ASIC) has strengthened its ties with overseas regulators as cross-border co-operation becomes more important in protecting market integrity.

The regulator is among the first signatories to an International Organisation of Securities Commissions memorandum that expands the range of powers members may use to help each other.

Measures may include compelling physical attendance for testimony, obtaining and sharing audit papers and providing other information and guidance.

“It strengthens ASIC’s enforcement tools and supports our efforts to investigate and combat cross-border fraud and misconduct,” Chairman James Shipton said.

The Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Co-operation and the Exchange of Information (EMMoU) responds to new challenges from globalisation and advances in technology since an earlier version.

Mr Shipton last week defended ASIC’s enforcement record following criticism arising from the Hayne royal commission on misconduct by financial institutions.

He told a parliamentary committee that since 2011 the regulator has obtained 160 criminal convictions, completed 140 civil proceedings, banned at least 800 people from providing financial services or credit, banned more than 390 people from being directors and recovered nearly $1.8 billion in compensation for consumers.

“ASIC works within a defined legislative framework set by Parliament and we use every regulatory tool available to us within that framework,” he said.

Mr Shipton says the regulator welcomes strengthened powers that will soon take effect.