Press Release: SEC, German BaFin Sign Regulatory Cooperation Arrangement
The SEC and Germany’s BaFin signed a regulatory cooperation MOU on April 26, 2007, to enhance information-sharing and joint oversight of cross-border financial firms, with no fraud, charges, or penalties involved.
On April 26, 2007, the U.S. Securities and Exchange Commission (SEC) and Germany’s Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) signed a Memorandum of Understanding (MOU) to formalize regulatory cooperation. The agreement establishes mechanisms for consultation, information exchange, and coordinated oversight of internationally active financial firms operating in both countries. No fraud, misconduct, or financial penalties are associated with this arrangement—it is purely a procedural framework to improve market transparency and regulatory efficiency in a globalized financial system.
On April 26, 2007, the U.S. Securities and Exchange Commission (SEC) and Germany’s Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) signed a Memorandum of Understanding (MOU) to strengthen regulatory cooperation between the two agencies. The MOU creates formal procedures for sharing information, consulting on supervised entities, and jointly overseeing financial firms that operate across both jurisdictions. This agreement was designed to enhance market transparency, fairness, and regulatory efficiency amid the growing globalization of financial markets. Neither agency accused any individual or entity of wrongdoing, and no fines, charges, or enforcement actions were part of the arrangement. SEC Chairman Christopher Cox and BaFin President Jochen Sanio emphasized the importance of coordinated oversight and predictability for global firms. Ethiopis Tafara of the SEC’s Office of International Affairs noted that the MOU builds on a long-standing relationship and infuses structure into international regulatory efforts. The document is purely procedural, aiming to prevent regulatory gaps rather than address past misconduct. It reflects a proactive, collaborative approach to cross-border financial supervision.
Exhibits & Attached Documents (1)
Extracted insights
- person christopher cox
- agency director of sec's office of international affairs
- person ethiopis tafara
- person jochen sanio
- agency memorandum of understanding as sec chairman
- agency memorandum of understanding with sec
- agency Securities and Exchange Commission
- SEC signed Regulatory Cooperation Arrangement with German BaFin
- SEC signed Memorandum of Understanding with BaFin
- German Federal Financial Supervisory Authority signed Memorandum of Understanding with SEC
- Christopher Cox executed Memorandum of Understanding as SEC Chairman
- Jochen Sanio executed Memorandum of Understanding as BaFin President
- SEC provides Mechanisms for consultation, cooperation, and information exchanges with BaFin
- MOU sets forth Terms and conditions for sharing information about regulated entities and financial groups
- SEC operates in United States and Germany
- BaFin operates in United States and Germany
- Ethiopis Tafara is Director of SEC's Office of International Affairs
- MOU signed on April 26, 2007
SEC, German BaFin Sign Regulatory Cooperation Arrangement FOR IMMEDIATE RELEASE 2007-76 Washington, D.C., April 26, 2007 - The Securities and Exchange Commission and the German Federal Financial Supervisory Authority (Bundesanstalt f�r Finanzdienstleistungsaufsicht, or BaFin) today signed a comprehensive arrangement to facilitate their supervision of internationally active firms and their oversight of markets. At a meeting in Berlin, SEC Chairman Christopher Cox and BaFin President Jochen Sanio executed a memorandum of understanding (MOU) that provides clear mechanisms for consultation, cooperation, and exchanges of information between their agencies. The MOU sets forth the terms and conditions for the sharing of information about regulated entities and financial groups that operate in the United States and Germany and, in view of the growing trend toward cross-border exchange affiliations, outlines a framework for cooperation in the oversight of markets in both countries. Chairman Cox said, "The SEC and BaFin share a commitment to keeping our markets open, fair and transparent in an ever-changing and increasingly global marketplace. We must continue working together to facilitate the seamless and efficient regulation of internationally active firms in the United States and Germany. This arrangement helps the SEC and BaFin have access to the information necessary to supervise global securities firms and oversee markets." President Sanio said, "There is already a tradition of cooperation between the SEC and BaFin. By signing this MOU we are now giving it an even wider framework. In times of increasing globalization, such agreements are very valuable - for the regulators of both countries and for the companies involved." Ethiopis Tafara, Director of the SEC's Office of International Affairs, said, "This MOU builds on the SEC's recent efforts to formalize information-sharing arrangements for regulatory cooperation with our counterparts, as the Commission historically has done in the area of securities enforcement. Such arrangements infuse predictability and efficiency into our international cooperative efforts, and help ensure that global firms are being looked at in a coordinated fashion. The SEC and BaFin have had a long-standing cooperative relationship, and we are pleased to enhance that relationship here today." # # # Additional materials: Memorandum of Understanding http://www.sec.gov/news/press/2007/2007-76.htm Home | Previous Page Modified: 04/26/2007
SEC, German BaFin Sign Regulatory Cooperation Arrangement FOR IMMEDIATE RELEASE 2007-76 Washington, D.C., April 26, 2007 - The Securities and Exchange Commission and the German Federal Financial Supervisory Authority (Bundesanstalt f�r Finanzdienstleistungsaufsicht, or BaFin) today signed a comprehensive arrangement to facilitate their supervision of internationally active firms and their oversight of markets. At a meeting in Berlin, SEC Chairman Christopher Cox and BaFin President Jochen Sanio executed a memorandum of understanding (MOU) that provides clear mechanisms for consultation, cooperation, and exchanges of information between their agencies. The MOU sets forth the terms and conditions for the sharing of information about regulated entities and financial groups that operate in the United States and Germany and, in view of the growing trend toward cross-border exchange affiliations, outlines a framework for cooperation in the oversight of markets in both countries. Chairman Cox said, "The SEC and BaFin share a commitment to keeping our markets open, fair and transparent in an ever-changing and increasingly global marketplace. We must continue working together to facilitate the seamless and efficient regulation of internationally active firms in the United States and Germany. This arrangement helps the SEC and BaFin have access to the information necessary to supervise global securities firms and oversee markets." President Sanio said, "There is already a tradition of cooperation between the SEC and BaFin. By signing this MOU we are now giving it an even wider framework. In times of increasing globalization, such agreements are very valuable - for the regulators of both countries and for the companies involved." Ethiopis Tafara, Director of the SEC's Office of International Affairs, said, "This MOU builds on the SEC's recent efforts to formalize information-sharing arrangements for regulatory cooperation with our counterparts, as the Commission historically has done in the area of securities enforcement. Such arrangements infuse predictability and efficiency into our international cooperative efforts, and help ensure that global firms are being looked at in a coordinated fashion. The SEC and BaFin have had a long-standing cooperative relationship, and we are pleased to enhance that relationship here today." # # # Additional materials: Memorandum of Understanding http://www.sec.gov/news/press/2007/2007-76.htm Home | Previous Page Modified: 04/26/2007