Achieving efficient international cooperation between EU and non-EU financial supervisory authorities is essential to achieve effective financial supervision in the context of global financial markets and is thus part of financial supervisors’ legal statutes, missions or objectives. Moreover the duty to cooperate with other financial supervisors is enshrined in Union law applicable to EU financial supervisors and is framed by the IOSCO Memorandum of Understanding (MMOU) at global level. The MMOU is a key cooperation tool, subject to pre-screening and ongoing monitoring processes, currently signed by 117 securities markets authorities2. For example, such a framework for cooperation was used by several authorities around the globe for the exchanges of information in the context of the LIBOR investigation3. To the extent that such cooperation gives rise to transfers of personal data, these international transfers are important for public interest purposes as explicitly recognized in Recital (112) of the GDPR.
As only 10 securities markets authorities4 are currently covered by an adequacy decision within the meaning of Article 45(3) of the GDPR, clarity on the scope of derogations is essential in order to enable EU financial supervisory authorities to fulfil their missions whilst ensuring compliance with the applicable EU data protection rules, in particular in the absence of comparable legal requirements in the relevant third-country.
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