Union cabinet approved the proposal of the Securities and Exchange Board of India (SEBI) to sign a bilateral memorandum of understanding (MOU) SEBI and the Luxembourg Commission de Surveillance du Secteur Financier (CSSF).
♦ The Memorandum of Understanding may strengthen cross-border cooperation in the field of securities supervision and promote mutual assistance.
♦ Contribute to improving the efficiency of the supervisory function and help impart knowledge in technical fields.
♦ Ability to effectively enforce laws and regulations related to the Indian and Luxembourg securities markets.
♦ Like SEBI, CSSF is a co-signer of the International Organization of Securities Commission’s Multilateral Memorandum of Understanding (IOSCO MMoU).
♦ The proposed bilateral memorandum of understanding will help to strengthen the information sharing framework for effective enforcement of securities laws, and will also help establish technical assistance programs
♦ The technical assistance program will benefit the authorities through consultations related to capital markets, capacity building activities and staff training programs.