MAS Signs MOU with the Financial Services Authority of the United Kingdom

Singapore, 7 October 2005...The Monetary Authority of Singapore (MAS) has signed a Memorandum of Understanding (MOU) with the Financial Services Authority (FSA), the United Kingdom's financial services and markets regulator.

2   The MOU provides a formal basis for supervisory cooperation between the two authorities in banking, securities and futures, and insurance.  It paves the way for the enhanced sharing of supervisory information and bilateral cooperation between the two authorities to strengthen the supervision of cross-border operations of financial institutions under their purview.

3   The MOU was signed by Ms Teo Swee Lian, Deputy Managing Director (Prudential Supervision), MAS, and Mr John Tiner, Chief Executive, FSA, in London.

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