International Cooperation & Information Exchange
Currently the majority of information exchange with foreign regulators is based on the provisions of the IOSCO Multilateral Memorandum of Understanding (IOSCO MMoU). A residual part is based on bilateral MoUs and other bilateral agreements. As for the type of cooperation, there are:
The CVM answers to technical consultations of foreign regulators, as well as organizes technical on-site visits. Those visits are usually requested by emerging market regulators aiming to promote and enhance local capital markets.
Fit & Proper Information – Due diligence requests
Fit & Proper requests aim to assess an institution’s or person’s standing and history. It is usually requested prior to registration with a foreign regulator.
CVM’s Office of International Affairs acts primarily as an interface between the offices of international affairs of the foreign regulators and the relevant CVM departments in matters involving international investigations and enforcement activity.