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Finra and AFM ink market surveillance MoU

06 November 2012  |  1360 views  |  0 Source: Finra

In October 2012, Richard G. Ketchum, Chairman and CEO of the Financial Industry Regulatory Authority (Finra) and Ronald Gerritse, Chairman of the Executive Board of the Netherlands Authority for the Financial Markets (AFM) signed a memorandum of understanding (MoU) on information-sharing with a view to strengthening and improving cooperation.

The memorandum establishes a formal basis for cooperation among FINRA and the AFM to more effectively conduct their oversight of regulated markets and financial firms.

Commenting, Ronald Gerritse said, "The AFM supervises the honest and efficient operation of the capital markets. Targeting possible market abuse is one of our main objectives. I consider the signing of this MoU as an important initiative to strengthen our supervisory cooperation, which is important for effective international oversight."

"This agreement with the AFM strengthens our cooperation with The Netherlands in key areas, including investigations and market surveillance. Surveillance and transparency are more important than ever and demand close cooperation between regulators," said Richard Ketchum. "I welcome this agreement and look forward to a long and productive partnership with the AFM."

The MoU has two main aims:

  • to organize the transmission of information between authorities regarding market surveillance and investigations into market abuse; and
  • to facilitate the sharing of information on trading by firms coming within the two authorities' respective jurisdictions.
  • The agreement will also allow the AFM and FINRA to keep each other informed about practices in their markets and about issues concerning financial markets in general. 

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