The Financial Services Agency (FSA) exchanged the Letters for Cooperation in the supervision of financial institutions with Federal Financial Supervisory Authority of Germany (BaFin) on June 7, 2018.
This exchange of Letters intends to enhance cooperation in the supervision of financial institutions through the sharing of information between FSA and BaFin.
The contents of the Letters include, but are not limited to, the following:
- The Authorities intend to notify each other of any material supervisory concern and supervisory action;
- The Authorities will notify each other of plans to visit the financial institutions in each other's jurisdiction;
- The Authorities may inform their counterparts on request of the arrangements for crisis management;
- The Authorities intend to cooperate closely when suspected activities or financial transactions are identified; and
- The Authorities preserve the confidentiality of information exchanged, etc.
