Typically such agreements allow regulatory agencies to share information about their members and companies participating in financial markets. This will also allow the regulators monitor lawful and unlawful activities by companies abusing the regulatory framework. One example could be of a company holding FSC’s license but operating out of Cyprus, against CySec’s requirements.
The Cyprus Securities and Exchange Commission signed yesterday a bilateral Memorandum of Understanding and Cooperation (MoU) with the Financial Services Commission of Mauritius.
The MoU was signed by the Chairman of the Cyprus Securities and Exchange Commission, Mrs. Demetra Kalogerou and the Chief Executive of the Financial Services Commission of Mauritius, Mrs. Clairette Ah-Hen, in a special ceremony in Nicosia.
The signing of the above mentioned MoU aims to further enhance the cooperation between the two supervisory Authorities, aiming specifically to facilitate the exchange of information and the more effective investigation of potential violations of the legislation regarding the securities market.
The signing of the MoU has also created a framework for the exchange of experiences, expertise and good practices that will contribute positively to the improvement and strengthening of supervisory capacity and practices.
Furthermore, the MoU manifests the mutual cooperation spirit between the two regulators and exhibits the openness of our economies, and it is expected to contribute to increasing the fruitful business ties between the two countries, benefiting both national securities markets.