The latest move by the SEC will enhance SEC staff ability to share information about regulated entities such as investment advisers, investment fund managers, broker-dealers, and credit rating agencies.
While Cayman Islands is a major offshore financial center, ESMA is a pan-European Union agency that regulates credit rating agencies.
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Ethiopis Tafara, director of the SEC’s office of international affairs remarked, "Supervisory cooperation arrangements help the SEC build closer relationships with its counterparts to cooperate and consult on each other’s oversight activities in ways that may help prevent fraud in the long term or lessen the chances of future financial crises."
The SEC’s enforcement cooperation arrangements details the procedures and mechanisms by which the SEC and its counterparts can collect and share investigatory information where there are suspicions of a violation of either jurisdiction’s securities laws.
And the SEC’s supervisory cooperation arrangements generally establish mechanisms for continuous and ongoing consultation, cooperation and the exchange of supervisory information related to the oversight of globally active firms and markets.
Though SEC’s supervisory and enforcement arrangements are designed to achieve different things, they are complimentary tools.
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By GlobalData
