SEC agrees asset management supervisory cooperation agreements
with EU and EEA member-state regulators
The US Securities and Exchange Commission (SEC) has announced that it had
signed memoranda of understanding (MoUs) with 25 EU and 3 EEA member-state
regulators as part of long-term strategy to improve the oversight of certain
entities in the asset management industry that operate across national borders.
- set out the mechanisms for continuous and ongoing consultation and co-operation, and the exchange of supervisory information regarding the oversight of global firms and markets to monitor risk concentrations, identify emerging systemic risks, and understand
better globally-active regulated entities compliance culture; and
- facilitate the ability of the signatories to conduct on-site examinations of registered entities located outside the US.
The EU member-state regulators with which the SEC has signed MoUs are those from Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland,
Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxemburg, Malta,
the Netherlands, Poland, Portugal, Romania, Slovakia, Spain, Sweden and the
United Kingdom (MoU with the Financial Conduct Authority (FCA)). The EEA
signatories to the MoUs are regulators from Iceland, Liechtenstein and
Norway. The MoU with the FCA came into force on 22 July 2013.