Memorandum of Understanding
At its annual conference in 2002, IOSCO approved a multilateral agreement on collaboration and global information exchange between securities exchange supervisory commissions (Multilateral Memorandum of Understanding MMOU). This agreement set a first international benchmark for collaboration in dealing with violations of securities exchange regulations. Securities exchange regulators wishing to sign the MMOU are first examined to ascertain their capability of collaborating to the extent outlined in the MMOU. The SFBC also underwent this examination. Due to the legislative gaps in Swiss provisions on administrative assistance, the SFBC was unable to sign up to the MMOU as a full member. In the meantime, the gaps have been filled by the amendment of art. 38 of the Securities Act 1995 that entered into force on 1 February 2006. Accordingly, the SFBC should now be able to become a signatory of the MMOU.