On December 22, 2020, the SEC and the Commissione Nazionale per le Società e la Borsa (CONSOB) announced the signing of a Memorandum of Understanding (MOU). The MOU concerns consultation, cooperation, and the exchange of information between the two agencies regarding the supervision of regulated entities that conduct financial services business in the United States, Italy, or both countries.
The MOU enhances the ability of the SEC and of the CONSOB to coordinate with one another and share supervisory information that facilitates the respective cross-border examinations of regulated entities. Given the increasing globalization of the world’s financial markets and also the increase in cross-border operations and activities of regulated entities, the SEC and the CONSOB are expressing through this MOU their willingness to cooperate with each other in fulfilling their respective regulatory mandates and supervision of firms within the scope of the MOU. There is particular emphasis on the areas of: investor protection, promoting the compliance culture of regulated entities that operate on a cross-border basis, maintenance of fair, orderly and efficient securities and derivatives markets, and reducing systemic risk.
Sources:
SEC and CONSOB Sign New Supervisory Cooperation Arrangement (sec.gov)
Memorandum of Understanding Concerning Consultation, Cooperation and the Exchange of Information Related to Market Oversight and the Supervision of Covered Firms (sec.gov)
