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    ECB and SEC Sign Memorandum for Security-Based Swap Entities

    August 16, 2021

    The European Central Bank (ECB) and the U.S. Securities and Exchange Commission (SEC) signed a memorandum of understanding (MoU) to prepare for the registration of ECB-supervised entities as security-based swap dealers or major security-based swap participants in the U.S. The cooperation will provide a basis for relevant euro area entities to minimize duplication of compliance efforts and to continue focusing on compliance with EU requirements, while ensuring compliance with U.S. requirements. The U.S. regulation requires non-US security-based swap dealers and major security-based swap participants with significant business in the U.S. to register with the SEC by November 01, 2021 and December 01, 2021, respectively.

    This memorandum is a statement of intent to consult, cooperate, and exchange information in connection with the supervision, enforcement, and oversight of covered firms and their covered activities in a manner that is permitted by, and consistent with, the laws and requirements that govern each authority. The authorities anticipate that cooperation primarily will be achieved through ongoing consultations and exchanges of information related to covered firms with respect to their covered activities, supplemented by formal cooperation. The provisions of this memorandum are intended to support informal and ongoing consultations and request-based cooperation, and to facilitate the written exchange of non-public information in accordance with the applicable laws. A primary goal of this memorandum is to foster cooperation and the exchange of information between the authorities to benefit the supervision and oversight of the covered firms.

    With respect to cooperation pursuant to this memorandum, at the date this memorandum is executed, no bank secrecy, blocking laws, or other regulations or legal barriers, should prevent an authority from providing assistance to the other Authority pursuant to this memorandum, or otherwise adversely affect or hinder the operation of this memorandum. Cooperation in accordance with this memorandum will become effective on the date this memorandum is signed by both authorities. Either authority may terminate this memorandum by delivering written notice to the other authority of its intention to terminate. An authority that delivers such a notice may withdraw it by written notice to the other authority delivered not more than 30 days after delivery of the termination notice. 

     

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    Keywords: Europe, Americas, EU, US, Banking, Security Based Swaps, MoU, Swaps, Derivatives, International Cooperation, ECB

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