The Malta Financial Services Authority and the Central Bank of Cyprus announced on Thursday that they expressed their mutual interest and willingness in establishing and promoting bilateral ties in the domain of supervision of credit institutions by signing a Memorandum of Understanding in May 2008.
The Malta Financial Services Authority is the competent authority for the licensing
and supervision of credit institutions operating in Malta.
The Central Bank of Cyprus, in addition to being the country’s monetary
authority, is also Cyprus’s licensing as well as banking supervisory authority.
The Memorandum of Understanding was signed on behalf of the Central Bank of
Cyprus by its Governor Athanasios Orphanides, and on behalf of the Malta
Financial Services Authority by its Chairman Joe Bannister.
The Memorandum of Understanding defines a general framework of mutual cooperation
and exchange of information between the two authorities with a view to facilitating
the consolidated supervision of cross-border establishments and ensuring the
safe functioning of credit institutions in the respective countries,
in accordance with their national laws and regulations.
The Central Bank of Cyprus pursues an active policy of signing Memoranda of
Understanding for cooperation and exchange of information with competent overseas
authorities.
In the field of banking supervision, the Central Bank of Cyprus has signed
Memoranda of Understanding with the central banks of countries whose banks already
have, or may establish in the future, a physical presence in Cyprus.
Memoranda of Understanding have already been signed with: the Estonian Financial
Supervision Authority, the National Bank of Kyrgyz Republic, the Austrian Financial
Market Authority, the Central Bank of the Russian Federation, the Bulgarian
National Bank, the National Bank of Ukraine, the National Bank of the Republic
of Belarus, the National Bank of Serbia, the National Bank of Romania, the Financial
and Capital Market Commission of the Republic of Latvia, the National Bank of
Slovakia, the Bank of Tanzania, the Central Bank of Jordan, the Bank of Greece,
the Banque du Liban, the Central Bank of Armenia, De Nederlandsche Bank N.V.
and the Jersey Financial Services Commission.
Moreover, negotiations are currently being carried out with other overseas
banking supervisory authorities for the signing of similar documents.
LAWANDTAX-NEWS.COM
