SFC signs MoU with BaFin on enhanced supervision of cross-border regulated entities - The Industry Spread

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SFC signs MoU with BaFin on enhanced supervision of cross-border regulated entities

June 2, 2018

BaFinThe Securities and Futures Commission (SFC) has entered into a memorandum of understanding (MoU) with the German Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) providing for consultation, cooperation and exchange of information in connection with the supervision and oversight of cross-border regulated entities in Hong Kong and Germany (Notes 1 & 2).

The MoU, which covers financial market participants and other entities that are regulated by the SFC or the BaFin, enables the SFC and the BaFin to cooperate with each other in the interest of fulfilling their respective regulatory mandates.

In view of the growing globalization of the world’s financial markets and the increase in cross-border operations and activities of regulated entities, the Securities and Futures Commission in Hong Kong (SFC) and Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin) have reached this Memorandum of Understanding (MOU) regarding mutual assistance in the supervision and oversight of Regulated Entities in the jurisdictions of both Authorities, according to their respective domestic laws. The Authorities express, through this MOU, their willingness to cooperate with each other in the interest of fulfilling their respective regulatory mandates, particularly in the areas of: investor protection; promoting the integrity of Cross-Border Regulated Entities; fostering market and financial integrity; reducing systemic risk and maintaining financial stability.

You can find here the full MoU 2018.05.09_SFC_BaFIN_Supervisory MOU

Notes:

  1. BaFin is the integrated financial supervisor for the banking, securities and insurance sectors in Germany. It is also responsible for consumer protection as well as the combating and prevention of money laundering and terrorist financing.
  2. The MoU, which came into effect on 9 May 2018, is posted on the SFC website.

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