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.
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