Following the merger, on 1 October 2007, of the London Stock Exchange Group plc and Borsa Italiana SpA (Borsa Italiana), the Financial Services Authority (FSA) and Commissione Nazionale per le Società e la Borsa (CONSOB) have signed a Memorandum of Understanding (MoU) regarding cooperation in oversight and supervision of the London Stock Exchange plc (LSE) and Borsa Italiana.
The LSE, and Borsa Italiana, will continue to be regulated in their home jurisdictions. The MoU will establish the framework according to which the FSA and CONSOB will organise their cooperation for the fulfilment of their respective duties and powers for the supervision of the LSE and Borsa Italiana.
The MoU was signed by Lamberto Cardia, CONSOB Chairman, and Callum McCarthy, FSA Chairman, in Rome and London.
Callum McCarthy said: "This arrangement establishes a framework for cooperation and the exchange of information between our two institutions, when this is necessary, as part of our respective day-to-day supervision of the LSE and Borsa Italiana. We look forward to working even more closely with CONSOB; this MoU will facilitate that process by setting out the basis on which we will do this."
Lamberto Cardia said: "This Memorandum outlines the framework in which our two Authorities intend to organise the cooperation and exchange of information with respect to Borsa Italiana and LSE. It builds on the close cooperation that CONSOB and FSA have thus far enjoyed. This is an important opportunity to mark our common approach to cooperation in the context of the markets' integration"