On September 14, the Commodity Futures Trading Commission and the UK Financial Services Authority (together, the Authorities) signed a Memorandum of Understanding (MOU) to enhance cooperation and the exchange of information relating to the supervision of cross-border clearing organizations.
The MOU, among other things, sets forth guidelines for information sharing between the Authorities, including notification of regulatory changes and particular adverse events affecting clearing organizations, as well as specific requests for information. It also contemplates periodic meetings between the Authorities. The MOU establishes guidelines for extra-territorial on-site visits by the Authorities and establishes standards regarding the permissible use and confidentiality of information obtained from the other Authority.
The CFTC press release can be found here.
The MOU can be found here.