(Finance) – The Bank of Italy and the Australian Securities and Investments Commission (ASIC) they signed a Memorandum of Understanding (MoU) to facilitate the performance of the respective functions on the supervised entities.
This MoU, although legally non-binding, defines the framework for effective cooperation and exchange of information between the two authorities for supervisory purposes, including, inter alia, procedures for on-site inspections of supervised entities physically located in the jurisdiction of the other authority.