19 October 2004

Commission extends common framework for sharing supervisory information with US authorities

The European Commission signed on 27 September 2004 a Supplemental Statement of Cooperation with the Office of Thrift Supervision (OTS). This supplemental agreement makes the OTS a party to the original cooperation agreement and common framework for sharing supervisory information.

Although the Statement of Cooperation is not a legal document, it provides a basis for subsequent, more detailed bilateral arrangements between US supervisors and the bank supervisors in the EU Members States.

The framework for information-sharing addresses three specific areas:

sharing of supervisory information and consultation regarding common supervisory issues;

on-site inspections; and

confidentiality of information.

Document

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