First author of the study, Dr Julian Peat, said the fact elephant sharks also use methylation-tagging to turn off genes tells us this memory system has been around a long time.
Our ancestors split off from elephant sharks more than 460 million years ago.
"Our study identifies elephant shark as the most evolutionarily distant animal that shares this DNA-regulation system with us humans, which makes it very interesting to take a closer look at," Peat said.
Hore said that, with access to this unique genetic resource, the team was excited about further research on the elephant shark and its DNA.
"The elephant shark is something of a living fossil - it's the slowest evolving vertebrate we know of. It only lives in the cooler waters of Australia and New Zealand, so we are really fortunate to have something this valuable to science in our backyard.
"So many things remain mysterious about the elephant shark - we don't know whether this methylation memory persists across generations, or if it contributes to how gender is decided."