Regulatory Alerts2022-05-17
Memorandum of Understanding on Assistance and Mutual Cooperation in Financial Supervision between Korea's FSC and FSS and New Zealand's RBNZ
The Financial Services Commission, the Financial Supervisory Service of the Republic of Korea, and the Reserve Bank of New Zealand signed this Memorandum of Understanding to establish a formal framework for cooperation in financial supervision. The agreement mandates mutual assistance and information exchange regarding cross-border establishments, including provisions for on-site inspections and consultation on suspected financial crimes. While non-binding, the document outlines specific procedures for handling confidential information, technical assistance, and cost allocation, with confidentiality obligations persisting even after termination.
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