Memoranda of Understanding (MoUs)
Memoranda of Understanding (MoUs) are agreements between supervisory authorities to further specify their cooperation within the framework of the requirements of national law. As a rule, such agreements are practice oriented and define the respective responsibilities and duties to enter into contact with and inform the other supervisory authority. In this way, they form a basis for mutual consultations, cooperation, and coordination. Often, these agreements also provide for regular meetings of the participating authorities for the purpose of institutionalizing the exchange of information among the authorities. Overall, MoUs thus make the practical supervisory work of the FMA more efficient when cross-border issues arise.
MoUs may not, however, modify the applicable legal framework of the FMA's supervisory activities. The agreements do not trump any law or other legal provisions in any of the participating countries. MoUs likewise do not constitute international agreements as defined by Liechtenstein law.
A primary distinction can be made between bilateral and multilateral MoUs. MoUs can also be divided into institution-specific, sector-specific, and cross-sectoral agreements.
MoUs are an important trust-building measure. As part of the International Monetary Fund's assessment of the Liechtenstein financial centre in 2007, the recommendation was made to strengthen international cooperation through the conclusion of MoUs.
Bilateral MoUs of the FMA Liechtenstein
| Supervisory authority | Banks | Other Financial Intermediaries | Securities |
|---|---|---|---|
| FMA Austria | 2009 | ||
| Hong Kong Monetary Authority | 2010 | ||
| China Securities Regulatory Commission | 2008 | ||
| Federal Financial Markets Service Russia | 2011 | ||
| Bank of Slovenia | 2011 | ||
| Central Bank of the Russian Federation | 2011 | ||
| Central Bank of the Republic of San Marino | 2013 | 2013 | |
| Federal Audit Oversight Authority of Switzerland (FAOA) | 2013 | ||
| 45 third-country supervisory authorities (AIFM) | 2013 | ||
| Swiss Financial Market Supervisory Authority FINMA | 2014 | ||
| British Virgin Islands Financial Services Commission | 2014 | 2014 | |
| Jersey Financial Services Commission | 2016 | 2016 | |
| Monetary Authority of Singapore | 2019 |
In the field of insurance, cooperation within the Joint Committee established on the basis of the Direct Insurance Agreement with Switzerland is also important.