On 21 September 2012, the European Insurance & Occupational Pensions Authority (EIOPA) announced that it had signed a memorandum of understanding (MOU) with the Swiss Financial Market Supervision Authority, FINMA. The MOU aims to cater for insurance groups engaged in insurance business in the EEA and Switzerland. It establishes a number of co-operation procedures, including in relation to group supervision, assistance in the work of the EEA and FINMA colleges of supervisors and conducting stress tests. Notably, the MOU does not take precedence over any legal or regulatory requirements of other MOUs between FINMA and EEA supervisory authorities.