This Memorandum of Understanding (MoU) describes in general terms how the authorities will cooperate with one another in the performance of their respective tasks and mandate under European Union law including in relation to financial institutions and markets.
The framework proposed by the MoU covers cooperation in the field of statistics, risk management, supervision, market infrastructures and regulation. It also includes a cooperative arrangement between the European Central Bank (ECB), relevant national central banks (NCBs), European Securities and Markets Authority (ESMA) and the authorities competent to supervise CSDs participating in T2S that is to be signed by the parties. The arrangement sets up a framework for cooperation between the ECB, ESMA, NCBs and each competent authority supervising a CSD participating in T2S.
Finally, ESMA and the ECB have also agreed upon a template MoU to be used between national authorities responsible for markets in financial instruments and the ECB. This template MoU provides for a common framework for cooperation and may be agreed and complemented bilaterally, on a voluntary basis for the performance, respectively, of the tasks under the SSM Regulation and those under MIFID.
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