The Swiss Financial Market Supervisory Authority FINMA has signed a cooperation agreement with the Italian supervisory authority CONSOB and the Italian national bank, Banca d’Italia. The authorities are thus intensifying their cooperation within the scope of their supervisory mandates in the financial market sector. This creates legal certainty for financial institutions, namely concerning their access to the Italian market.
FINMA has concluded a cooperation agreement with the Italian supervisory authority Commissione Nazionale per le Società e la Borsa (CONSOB) and the Italian national bank, Banca d’Italia. This agreement establishes a formalised framework for cooperation and exchange of information between the three authorities in connection with the supervision of financial institutions. Although the agreement is not legally binding, it promotes effective cooperation in the authorities’ supervisory activities.
Urban Angehrn, FINMA CEO, commented: “Thanks to this agreement, the authorities involved can carry out their supervisory activities even more effectively across borders. This increases legal certainty for supervised institutions operating in Italy and Switzerland.”