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FINANCIAL SERVICES | Staff Reporter, Hong Kong

Hong Kong inks deal with Germany for cross-border securities regulation

It was signed by the Securities and Futures Commission and Bundesanstalt fur Finanzdienstleistungsaufsicht.

The Securities and Futures Commission (SFC) has entered into a memorandum of understanding (MoU) with the German banking, securities and insurance regulator Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) to provide consultation, cooperation and exchange of information in connection with the supervision and oversight of cross-border regulated entities between the two economies. 

The MoU, which covers financial market participants and other entities that are regulated by the SFC or the BaFin, enables the SFC and the BaFin to cooperate with each other in the interest of fulfilling their respective regulatory mandates.

The deal aims to lend support to communications on shared issues as well as facilitate written exchange of non-public information on cross-border regulated entities.

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