memorandum of understanding

FMO and Shell Foundation to Create Fund to Provide Capital to Social Entrepreneurs

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On October 24, 2017, the Dutch development bank FMO announced that FMO and the Shell Foundation, in cooperation with the U.K. Department for International Development, will cocreate a fund to provide growth capital to social entrepreneurs.

According to a press release by FMO, FMO and the Shell Foundation signed a Memorandum of Understanding agreeing to cooperate in the field of access to energy in Sub-Saharan Africa and India. This will include investing in financial institutions with specific goals of increasing access to finance, reducing inequality, and promoting green financing and agribusiness. The growth capital fund is planned to launch in the first quarter of 2018.

The press release is available here.

CFTC Signs Memorandum of Understanding with Two Mexican Authorities to Enhance Supervision of Cross-Border Regulated Entities

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On September 6, 2016, the U.S. Commodity Futures Trading Commission announced that it “signed a Memorandum of Understanding (MOU) with the Comisión Nacional Bancaria y de Valores (CNBV) and the Banco de México (BDM) regarding cooperation and the exchange of information in the supervision and oversight of certain regulated entities that operate on a cross-border basis in the United States and in Mexico.” Press release.

EOIPA and China Insurance Regulatory Commission Sign MoU

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On June 15, the European Insurance and Occupational Pensions Authority (EOIPA) and the China Insurance Regulatory Commission signed a Memorandum of Understanding to set up joint work programs and pursue joint activities.

The main objectives of the MoU are:

  1. To build a practical framework for exchange of supervisory information.
  2. To update each other on the developments in the regulatory and supervisory frameworks for insurance and private pensions.
  3. To increase mutual understanding on the Chinese (C-ROSS) and European (Solvency II) supervisory regimes for insurance.

FCA and Bank of England Agree on Memorandum of Understanding

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The Financial Conduct Authority (FCA) and the Bank of England, including the Prudential Regulation Authority (PRA), have agreed on a Memorandum of Understanding (MoU) that sets out how they cooperate with one another in relation to the supervision of markets and market infrastructure, which includes financial markets infrastructures (FMIs).  The FCA and the Bank concluded that the MoU’s arrangements for cooperation over the first 11 months of the authorities’ new responsibilities have worked well.  The FCA and the Bank continue to refine their cooperative working arrangements and welcome the industry’s suggestions for some areas of consideration.  Memorandum of Understanding.

Memoranda of Understanding Between FSCS, PRA and FCA Published

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On June 26, the FSA published a draft memorandum of understanding (“MoU”) between the Financial Services Compensation Scheme (“FSCS”) and the new Prudential Regulation Authority (“PRA”) and a second MoU between the FSCS and the new Financial Conduct Authority (“FCA”). MoU between FSCS and PRA. MoU between FSCS and FCA.

In particular the MoUs cover:

  • The roles of the FSCS, PRA and FCA;
  • Information sharing between the FSCS and the new regulators and confidentiality issues;
  • Policy making;
  • Funding the FSCS;
  • Co-ordination between the PRA and FCA on the oversight of the FSCS; and
  • Reporting obligations on the FSCS to the new regulators.

Agencies Memorandum of Understanding on Supervisory Coordination

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On June 4, pursuant to Section 1025 of the Dodd-Frank Act, the Fed, the CFPB, the FDIC, the NCUA and the OCC released a memorandum of understanding clarifying how the agencies will coordinate their supervision of insured depository institutions with over $10 billion in assets and their affiliates. Joint Release. Memorandum of Understanding.