The MOU is intended to set the framework for regulatory cooperation to allow for ‘bilateral exchanges of views and analysis relating to regulatory initiatives and other issues of interest’. It also seeks to establish a process for establishing the adoption, suspension, and withdrawal of so-called ‘equivalence’ decisions. This process, which is separate from the MOU talks, involves the two parties accepting their rules are as strict as each other’s, allowing banks and other financial companies to do business seamlessly across borders.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.