The Memoranda of Understanding and Cooperation

The Memoranda of Understanding and Cooperation signed between the Cyprus Securities and Exhange Commission (CySEC) and the Supervisory Authorities or other agencies of other jurisdictions create a framework and procedures for close cooperation to facilitate the exchange of information between the parties for the better monitoring of transactions and activities in the field of securities markets. At the same time, a framework is created to promote the exchange of experiences, expertise and good practices which will contribute positively to the expansion and strengthening of supervisory practices and procedures. Moreover, these memoranda underline the spirit of mutual cooperation between the Supervisory Authorities and other organizations abroad as well as the openness of our economies, helping to increase fruitful business relations between Cyprus and other countries, to the benefit of national financial markets.
 
The CySEC may establish such protocols for the cooperation with supervisory authorities or other organisations abroad in the form of Memoranda of Understanding and Cooperation in accordance with paragraph 29 of the Cyprus Securities and Exhange Commission Laws of 2009 to 2013^[1]. These Memoranda provide for the exchange of information, cross-border inspections and the collection of information by one Authority on behalf of another in view of ongoing investigations, and generally to provide mutual assistance in order to ensure compliance with the relevant laws governing securities markets.
 
In accordance with paragraph 17(5) of Directive DI144-2007-01 of 2012 for the Authorisation and Operating Conditions of the Cyprus Investment Firms (CIFs)^[2], the CySEC must publish a list of the competent Supervisory Authorities of third countries with which it has established cooperation agreements pursuant to the purpose of subparagraph 17(1)(b) of the same Directive.
 

• Multilateral Memorandum of Understanding on Cooperation Arrangements and Exchange of Information with the Regulatory Authorities of the Member-States of the European Union under the umbrella of the European Securities and Markets Authority - ESMA

The full text of the Memorandum is available here.

• Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information of the International Organization of Securities Commissions (IOSCO)

The full text of the Memorandum is available here.
You can find the list of all the current signatories and members here.

• No-deal Brexit Multilateral Memorandum of Understanding between each of the EEA competent authorities and the UK Financial Conduct Authority
• Multilateral Agreement between the European Central Bank and the competent supervisory Authorities for the purposes of  the exchange of information in relation to the prevention of money laundering and terrorist financing issues

The CySEC has signed bilateral Memoranda of Understanding with the following Regulatory Authorities:
 

1. Abu Dhabi - Financial Services Regulatory Authority (‘FSRA’) of Abu Dhabi Global Market ('ADGM')
2. Australia - Australian Securities & Investments Commission
3. Austria - Austrian Securities Authority
4. Bulgaria - Bulgarian Financial Supervision Commission
5. China - China Securities Regulatory Commission
6. Czech - Czech National Bank
7. Dubai - Dubai Financial Services Authority
8. Egypt - Egypt Capital Market Authority
9. Germany - Bundesanstalt für Finanzdienstleistungsaufsicht (BaFIN)
10. Greece - Hellenic Republic Capital Market Commission
11. Hungary - The Central Bank of Hungary
12. Isle of Man - Isle of Man Financial Supervision Commission
13. Israel - Israel Securities Authority
14. Jersey - Jersey Financial Services Commission
15. Lebanon - Capital Market Authority of Lebanon
16. Malta - Malta Stock Exchange
17. Poland - Polish Financial Supervision Authority
18. Portugal - Comissão do Mercado de Valores Mobiliários
19. Romania - Romanian Financial Supervision Authority
20. Russia - Federal Financial Markets Service of Russia
21. Slovakia - The National Bank of Slovakia
22. Kazakhstan – Astana Financial Services Authority

The abovementioned list is also provided for the purposes of Article 32 (3) of the Delegated Regulation 2017/565 to disclose the supervisory authorities in third countries with which CySEC has a cooperation agreement.

Pursuant to paragraph (2)(a) of section 44 of the Alternative Investment Fund Managers Law, transposing the European Directive on Alternative Investment Fund Managers (AIFMD) into national law, to allow fund managers based outside the EU to access EU markets or perform fund management through delegation from managers of the EU, the CySEC has to conclude cooperation agreements providing for the exchange of information with the Supervisory Authorities or other Authorities or bodies of third countries.
 
The CySEC has already signed Memoranda of Understanding and Cooperation for the enhanced supervision of Alternative Investment Fund Managers with the following Supervisory Authorities that are not part of the EU:

1. Financial Services Authority – Abu Dhabi
2. Financial Supervisory Authority of Albania – Albania
3. Australian Securities and Investments Commission – Australia
4. Securities Commision - Bahamas
5. Central Bank of Bahrain – Bahrain
6. Bermuda Monetary Authority – Bermuda
7. Comissão de Valores Mobiliários do Brasil – Brasil
8. British Virgin Islands Financial Services Commission - British Virgin Islands
9. Alberta Securities Commission – Canada
10. Autorité des Marchés Financiers du Quebec – Canada
11. British Columbia Securities Commission – Canada
12. Office of the Superintendent of Financial Institutions – Canada
13. Ontario Securities Commission – Canada
14. Cayman Islands Monetary Authority – Cayman Islands 
15. Dubai Financial Services Authority – Dubai
16. Egyptian Financial Supervisory Authority – Egypt
17. Securities and Exchange Commission of the Republic of North Macedonia – North Macedonia
18. Guernsey Financial Services Commission – Guernsey
19. Hong Kong Monetary Authority – Hong Kong
20. Securities and Futures Commission – Hong Kong
21. Securities and Exchange Board - India
22. Financial Supervision Commission of the Isle of Man – Isle of Man
23. Israel Securities Authority – Israel
24. Financial Services Agency of – Japan
25. Ministry of Agriculture, Forestry and Fisheries of Japan – Japan
26. Ministry of Economy, Trade and Industry of Japan – Japan
27. Jersey Financial Services Commission – Jersey
28. Financial Services Commission/Financial Supervisory Service - Korea
29. Labuan Financial Services Authority – Labuan
30. Securities Commission – Malaysia
31. Capital Market Development Authority – Maldives
32. Financial Services Commission of Mauritius – Mauritius
33. National Banking and Securities Commission of the United Mexican States – Mexico
34. Securities and Exchange Commission of Montenegro – Montenegro
35. Conseil Déontologique des Valeurs Mobilières of Morocco – Morocco
36. New Zealand Financial Markets Authority  –  New Zealand
37. Securities and Exchange Commission of Pakistan – Pakistan
38. Financial Centre Regulatory Authority – Qatar
39. Monetary Authority of Singapore – Singapore
40. Republic of Srpska Securities Commission – Srpska
41. Financial Services Board of South Africa – South Africa
42. Swiss Financial Market Supervisory Authority (FINMA) – Switzerland
43. Capital Markets and Securities Authority of Tanzania – Tanzania
44. Securities and Exchange Commission Thailand – Thailand
45. Emirates Securities and Commodities Authority – UAE
46. Commodity Futures Trading Commission – USA
47. Federal Reserve Board – USA
48. Office of the Comptroller of the Currency – USA
49. Securities and Exchange Commission – USA
50. State Securities Commission - Vietnam
51. Astana Financial Services Authority – Kazakhstan