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Statement of co-operation on the exchange of information for the purposes of consolidated supervision. SEC (99) 1199 final, 28 July 1999

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*** * * * * * * *** COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 28.07.1999 SEC(1999) 1199 final Statement of Co-operation on the Exchange of Information for the Purposes of Consolidated Supervision Statement of Co-operation on the Exchange of Information for the Purposes of Consolidated Supervision • Objectives Banking supervisors in the United States and the European Union share a common interest in strengthening international co-operation to ensure sound banking systems and financial markets. The need for enhancing the sharing of information between supervisors is important in view of the increasing globalisation of financial markets and has been called for by the Summit meetings ofthe Group of Seven. Close co- operation is particularly important for the comprehensive consolidated supervision of banks that have establishments in both the US and the EU. Although the European Commission itself is not directly involved in the day-to-day supervision of banks or in the practical arrangements ·set out in the framework attached to this Statement, the Commission can play a useful role in facilitating .US/EU co-operation. To that end, the Council has mandated that the Commission . should reach an understanding with US banking supervisors on a common framework for information-sharing that can be used as a basis for reciprocal bilateral co-operatillll between US and EU supervisors where banks and banking organisations have material operations in each other's jurisdiction. It is understood that this Statement of Co-operation does not in itself haw tmy legal force but that its contents are intended to facilitate the conclusion of subsequent bilateral arrangements between US supervisors and. the competent authorities in .each EU Member State. In order to enhance efficiency and transparency it is \mderstood that bilateral arrangements between US and EU supervisors will. as far as possible. he based on the arrangements set out in this Statement of Co-operati

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