CFTC and French AMF Sign MOU for Supervision of Certain Cross-Border Firms

The U.S. Commodity Futures Trading Commission (CFTC) has published a press release to inform of the signing of a Memorandum Of Understanding between the Commission itself and the French Autorité des marchés financiers (AMF) in connection with the cross-border supervision of covered entities. Specifically, the two regulators have agreed upon cooperating and exchanging information on the supervision of French swap dealers and major swap participants (MSPs) currently registered with the CFTC to provide services in the U.S. and of U.S. institutions and investment firms registered in France offering investment services or performing investment activities in that country.
The MOU entails the exchange of information on
– regulatory developments in each others financial markets;
– issues concerning the supervision of above noted entities; and
– other issues of mutual interest in same context.
The MOU also provides for notifications in case of potential (financial) difficulties of firms that may lead to financial distress and possible financial stability concerns, enforcement actions against supervised entities, or any other matter of significance. It also sets out some formal requirements such as the adherance to confidentiality and data protection rules.