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SEC and Italian Regulator Sign MOU on Cross-Border Supervision of Derivatives Activities

The SEC and the Commissione Nazionale per le Società e la Borsa ("CONSOB") entered into a Memorandum of Understanding ("MOU") which sets forth the terms for consultation, cooperation and the exchange of information between the U.S. and Italian agencies in the oversight of securities and derivatives activities.

The MOU includes guidelines for event-triggered notifications, request-based information sharing, unsolicited information and periodic consultations. Additionally, the MOU outlines the parameters for on-site visits, during which the SEC and the CONSOB seek to examine the internal documents of firms regulated by the other agency.

The MOU remains effective until the expiration of 30 days after either the SEC or the CONSOB gives written notice of intent to terminate.

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Regulatory Co-operation
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