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Screenshot of a breaking news alert e-mail from Q2 2017
The Hong Kong Securities and Futures Commission (SFC) announced that it has entered into a memorandum of understanding (MoU) with the German Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) providing for consultation, cooperation and exchange of information in connection with the supervision and oversight of cross-border regulated entities in Hong Kong and Germany.
BaFin is the integrated financial supervisor for the banking, securities and insurance sectors in Germany. It is also responsible for consumer protection as well as the combating and prevention of money laundering and terrorist financing.
The MoU, which covers financial market participants and other entities that are regulated by the SFC or the BaFin, enables the SFC and the BaFin to cooperate with each other in the interest of fulfilling their respective regulatory mandates.