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The BCU signed an agreement with the European Central Bank to exchange financial information

The BCU signed an agreement with the European Central Bank to exchange financial information
The BCU signed an agreement with the European Central Bank to exchange financial information

The monetary authorities adhered to a Memorandum of Understanding on cooperation for banking supervision.

Photo: BCU

The Superintendence of Financial Services of the Central Bank of Uruguay (BCU) and the European Central Bank (ECB) They formalized a cooperation for banking supervision through a Memorandum of Understanding.

On June 6, the BCU published the Memorandum of Understanding that he signed with the ECB within the framework of deepening the relationships that the monetary authority seeks to also improve practices, controls and actions in the Bank System.

The agreement aims to guarantee the effective exchange of information for the performance of the respective supervisory functions of the authorities, to the extent permitted by law, and in accordance with the Basic Principles for Effective Banking Supervision, developed by the Basel Committee on Banking Supervision.

Likewise, it seeks to “promote the security and soundness of the supervised entities and the stability of the Finance system”; based on the commitment between the parties to provide any information necessary for the exercise of supervisory functions.

What will the request for information be like between the banking authorities?

As established in the Memorandum signed by the BCU and the BCE, a information request must include the following:

  • a description of the facts underlying the request and its purpose;
  • the reasons why the information is likely to be relevant to the proper performance of the tasks of the Central Bank requesting it;
  • a specification of the supervisory tasks related to the subject of the request;
  • and any information known or in possession of the requesting Central Bank that contributes to the delivery of the data.

In the event that the request for information is denied or is not available, the Bank that has received the request must give the corresponding reasons for not sharing the data.

Likewise, the exchange of information will be carried out in writing, regardless of its format; and through the people designated for it. Only in “urgent circumstances” can requests be made by telephone, provided they are subsequently confirmed in writing within 10 working days.

Source: Ambito

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