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Finma Cooperation Agreement

International agreements are a proven way to improve cooperation between supervisory authorities. The term “Memorandum of Understanding” is often used in an international context; other synonyms: “cooperation agreement” or “cooperation agreement.” The supervisory authorities conclude such agreements to ensure cooperation. The conditions for cooperation are defined taking into account national legislation (cooperation). In addition to bilateral agreements, there are also multilateral cooperation agreements. For example, both IOSCO and IAIS have developed Multilateral Memorandums of Understanding (MMoU). OIOSCO MMoU, IOSCO EMMoU (Enhanced Memorandum of Understanding) and IAIS MMoU set an international standard for surveillance cooperation. FINMA and many supervisory authorities in other countries have signed these agreements. FINMA organises supervisory or crisis management colleges for various financial groups based in Switzerland. In order to regulate cooperation in this context, it has concluded (multilateral) agreements with the relevant foreign supervisory authorities. FINMA also participates in higher education institutions of foreign supervisory authorities and has signed agreements to this effect. Because of their non-binding nature, FINMA agreements do not create final rights or obligations for FINMA, foreign partner authorities and other third parties. They should therefore be distinguished from the contracts.

For this reason, the content of the agreements is generally not published. On 4 September, the Swiss and Israeli financial supervisory authorities concluded a cooperation agreement with FinTech. The Federal Financial Market Supervisory Authority (FINMA), the Capital Markets Insurance and Savings Bank (CMISA) and the Capital Markets Supervisory Authority (ISA) intend to cooperate to promote and enable innovation in their respective financial services sectors and to help financial innovators comply with the respective legal rules. FINMA has concluded international bilateral agreements with various foreign authorities. These agreements are essential to facilitate cooperation, especially when FINMA is in regular contact with a foreign authority. The conclusion of an agreement may also be conditional on the admission to a foreign market of controlled establishments in Switzerland or vice versa. The agreement defines existing activities in the field of fintech regulation by each regulatory authority.

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