Commission signs Memorandum of Understanding with the Commission de Surveillance du Secteur Financier of Luxembourg
11th February 2015As part of its ongoing programme of expansion of its coverage of its network of supervisory and regulatory cooperation agreements, the Commission has recently signed a Memorandum of Understanding (“MoU”) with the Commission de Surveillance du Secteur Financier of Luxembourg (“CSSF”), which provides a framework for enhanced cooperation between the two supervisory authorities.
The MoU has been signed in the spirit of mutual cooperation and information exchange seen as crucial by the G20 countries and international standard setters for financial services supervisors.
Notes:
The Commission is committed to international regulatory co-operation and is a signatory to the IOSCO MMoU and the IAIS MMoU. It also has numerous bilateral regulatory co-operative agreements in place; and, through ESMA, has in place MoUs covering AIFMD with 27 members of the EEA.
The Commission ensures the Bailiwick’s regulatory framework and practice meets international standards and is a committed participant in discussions of international standards. It does so through membership of, or association with, the following international organisations:
- The International Organisation of Securities Commissions (IOSCO)
- The International Association of Insurance Supervisors (IAIS) and the Group of International Insurance Centre Supervisors (GIICS)
- The Group of International Finance Centre Supervisors (GIFCS)
- The Organisation for Economic Co-operation and Development (OECD) - through the United Kingdom's membership.
- The Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL).
Through its membership of the Group of International Finance Centre Supervisors, it works with:
- The Basel Committee on Banking Supervision (BIS
- The Financial Action Task Force (FATF) on money laundering