Memoranda of Understanding

Cooperation for Enforcement Purposes

The CFTC has entered into bilateral arrangements for cooperative enforcement with authorities in more than 20 jurisdictions and also is a signatory to a multilateral arrangement with more than 130 foreign authorities. MOUs typically provide for access to non-public documents and information already in the possession of the authorities and often include undertakings to obtain documents and to take testimony of, or statements from, witnesses on behalf of a requesting authority. MOUs may also set forth how signatories are to consult, cooperate, and exchange information for regulatory enforcement purposes.

Multilateral Memoranda of Understanding

IOSCO (International Organization of Securities Commissions)

IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU), May 2002, revised May 2012. This MMoU provides for the exchange of essential information to investigate cross-border securities and derivatives violations, including the most serious offenses, such as manipulation, insider trading, and customer fraud. The MMoU is a multilateral mechanism for sharing information on a bilateral basis between signatories; more details regarding the MMoU, including a list of signatories, can be found at https://www.iosco.org/.

IOSCO Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (EMMoU), 2016. This EMMoU provides for new forms of assistance intended to increase the effectiveness of the signatories’ investigations and the enforcement of their jurisdictions’ laws and regulations, while recognizing the rights and privileges afforded to persons in their respective jurisdictions. The EMMoU co-exists with the MMoU; more details regarding the EMMoU, including a list of signatories and a description of the key new EMMoU powers, can be found at https://www.iosco.org/

Argentina

Comision Nacional de Valores (CNV)
Memorandum of Understanding on Consultation, Technical Assistance, and Mutual Assistance for the Exchange of Information, May 30, 1995

Australia

Australian Securities Commission (ASC) (now Australian Securities and Investments Commission (ASIC))
Memorandum of Understanding concerning Consultation and Cooperation in the Administration and Enforcement of Futures Laws, October 19, 1994

Brazil

Comissão de Valores Mobiliários (CVM)
Memorandum of Understanding on Mutual Assistance and Exchange of Information, April 12, 1991

Canada

Ontario Securities Commission (OSC)
Memorandum of Understanding, July 7, 1992

Commission des valeurs mobilières du Québec (CVMQ) (now Autorité des marchés financiers (AMF))
Memorandum of Understanding, July 7, 1992

Dubai

Dubai Financial Services Authority (DFSA)
Protocol Concerning Mutual Assistance, Information Sharing and Cooperation Agreements, December 1, 2005

France

Commission des Opérations de Bourse (COB)
Administrative Agreement, June 6, 1990. The CFTC and the COB also signed a Mutual Recognition MOU (MRMOU) that provides for information sharing to facilitate monitoring and compliance matters related to the mutual recognition of intermediaries and products. 55 Fed. Reg. 23902 (June 13, 1990)

Germany

Bundesaufsichtsamt für den Wertpapierhandel (BAWe)
Memorandum of Understanding concerning Consultation and Cooperation in the Administration and Enforcement of Futures Laws, October 17, 1997

Hong Kong

Securities and Futures Commission (SFC)
Memorandum of Understanding concerning Consultation and Cooperation in the Administration and Enforcement of Futures Laws, October 5, 1995

Ireland

Irish Financial Services Regulatory Authority (IFSRA)
The CFTC-IFSRA Statement of Intent concerns consultation and cooperation in the administration and enforcement of futures laws, March 17, 2004. The Statement of Intent (SOI) provides a framework for information sharing, thereby facilitating cooperation in cross-border investigations of potential violations of commodity futures and options laws.

Isle of Man

Financial Supervision Commission (FSC)
Statement of Intent Concerning Mutual Assistance and Cooperation Arrangements, April 12, 2005

Italy

Commissione Nazionale per le Società e la Borsa (CONSOB)
Memorandum of Understanding on Consultation and Mutual Assistance for the Exchange of Information, June 22, 1995

Japan

The Japanese Financial Services Agency (FSA) and the U.S. Securities and Exchange Commission (SEC)
Statement of Intent Concerning Cooperation, Consultation and the Exchange of Information, May 17, 2002; Statement of Intent Concerning Cooperation, Consultation and the Exchange of Information, January 2006

The Ministry of Agriculture, Forestry and Fisheries of Japan (MAFF) and the Ministry of Economy, Trade and Industry of Japan (METI)
Statement of Intent Concerning Consultation, Cooperation and the Exchange of Information, August 4, 2010

Jersey

The Jersey Financial Services Commission (FSC) and the U.S. Securities and Exchange Commission (SEC)
Memorandum of Understanding Concerning Cooperation, Consultation and the Exchange of Information, May 22, 2002

Mexico

Comisión Nacional Bancaria y de Valores (CNBV)
Memorandum of Understanding on Consultation, Technical Assistance, and Mutual Assistance for the Exchange of Information, May 11, 1995

The Netherlands

Government of the Kingdom of the Netherlands
Agreement (through the Government of the United States of America) on Mutual Administrative Assistance in the Exchange of Information in Futures Matters, April 29, 1993. The Ministry of Finance designated the Securities Board of the Netherlands (the Dutch futures, options, and securities regulator) and the Dutch Central Bank (the regulator for collective investment schemes) to implement the Agreement, which entered into force on February 1, 1994, after approval by the Dutch Parliament.

New Zealand