BaFin and FFMS sign Memorandum of Understanding
The Federal Financial Supervisory Authority (BaFin) and the Federal Financial Markets Service of Russia (FFMS) on Monday signed a Memorandum of Understanding (MoU) in Frankfurt am Main. By signing the MoU, BaFin and the FFMS intend to deepen and further expand their bilateral cooperation in securities supervision. The MoU sets out, for instance, the details of the procedure for the exchange of information.
“Currently, Russia undertakes major steps to improve laws and regulations with regard to securities supervision. With my signature, I do acknowledge and support those steps which, as I expect, would bring Russia and the FFMS in line with the highest international standards,” said BaFin President Jochen Sanio after the signing ceremony.
The MoU was signed on behalf of the FFMS by Chairman Vladimir Milovidov. “This MoU will provide the basis for further deepening of the bilateral cooperation not only between our authorities, but, in addition to that, also between Russia and Germany,” said Milovidov.
- Bonn/Frankfurt a.M.,
- 18. August 2009
