The signatories to this IOSCO Multilateral Memorandum of Understanding:

1 
MULTILATERAL MEMORANDUM OF UNDERSTANDING 
CONCERNING CONSULTATION AND COOPERATION 
AND THE EXCHANGE OF INFORMATION  
INT
ERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS 
MA
Y 2002 [version revised May 2012] 

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PURPOSE 
The signatories to this IOSCO Multilateral Memorandum of Understanding: 
Cons
idering  the  increasing  international  activity  in  the  securities  and  derivatives 
markets,  and  the  corresponding  need  for  mutual  cooperation  and  consultation 
among  IOSCO  Members  to  ensure  compliance  with,  and  enforcement  of,  their 
securities and derivatives laws and regulations; 
Considering the events of September 11, 2001, which underscore the importance 
of expanding cooperation among IOSCO Members;  
Desiring  to  provide  one  another  with  the  fullest  mutual  assistance  possible  to 
facilitate the performance of the functions with which they are entrusted within their 
respective  jurisdictions  to  enforce  or  secure  compliance  with  their  laws  and 
regulations as those terms are defined herein, 
Have reached the following understanding: 
DE
FINITIONS 
For the purposes of this IOSCO Multilateral Memorandum of Understanding: 
1."Authority"  means  those  regulators  listed  in  Appendix  A,  who,  in
accordance with the procedures set forth in Appendix B, have signed
this Memorandum of Understanding.
2."Requested  Authority"  means  an  Authority  to  whom  a  request  for
assistance is made under this Memorandum of Understanding.
3."R
equesting  Authority"  means  an  Authority  making  a  request  for
assistance under this Memorandum of Understanding.
4.“Laws  and  Regulations”  mean  the  provisions  of  the  laws  of  the
jurisdictions  of  the  Authorities,  the  regulations  promulgated
thereunder,  and  other  regulatory  requirements  that  fall  within  the
competence of the Authorities, concerning the following:
a. insider  dealing,  market  manipulation,  misrepresentation  of
material information and other fraudulent or manipulative practices
relating  to  securities  and    derivatives,  including  solicitation
practices, handling of investor funds and customer orders;
b. the  registration,  issuance,  offer,  or  sale  of  securities  and
derivatives, and reporting requirements related thereto;
c. market intermediaries, including investment and trading advisers
who  are  required  to  be  licensed  or  registered,  collective
investment schemes, brokers, dealers, and transfer agents; and
d. markets, exchanges, and clearing and settlement entities.

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5."Person" means a natural or legal person, or unincorporated entity or
association, including corporations and partnerships.
MUTUAL ASSISTANCE AND THE EXCHANGE OF INFORMATION 
6.General  Principles  regarding  Mutual  Assistance  and  the
Exchange of Information
(a)    This Memorandum of Understanding sets forth the Authorities'
intent with regard to mutual assistance and the exchange of 
information  for  the  purpose  of  enforcing  and  securing 
compliance  with  the  respective  Laws  and  Regulations of the 
jurisdictions  of  the  Authorities.  The  provisions  of  this 
Memorandum  of  Understanding  are  not  intended  to  create 
legally binding obligations or supersede domestic laws. 
(b)    The Authorities represent that no domestic secrecy or blocking 
laws or regulations should prevent the collection or provision of 
the information set forth in 7(b) to the Requesting Authority.   
(c)
    This  Memorandum  of  Understanding  does  not  authorize  or 
prohibit  an  Authority  from  taking  measures  other  than  those 
identified  herein  to  obtain  information  necessary  to  ensure 
enforcement of, or compliance with, the Laws and Regulations 
applicable in its jurisdiction.   
(d)    This Memorandum of Understanding does not confer upon any 
Person not an Authority, the right or ability, directly or indirectly 
to obtain, suppress or exclude any information or to challenge 
the  execution  of  a  request  for  assistance  under  this 
Memorandum of Understanding. 
(e)
    The  Authorities  recognize  the  importance  and  desirability  of 
providing  mutual  assistance  and  exchanging  information  for 
the  purpose  of  enforcing,  and  securing  compliance  with,  the 
Laws   and  Regulations  applicable  in  their  respective 
jurisdictions.  A request for assistance may be denied by the 
Requested Authority: 
(i)  where the request would require the Requested Authority to 
act in a manner that would violate domestic law; 
(ii)  w
here a criminal proceeding has already been initiated in 
the jurisdiction of the Requested Authority based upon the 
same  facts  and  against  the  same  Persons,  or  the  same 
Persons  have  already  been  the  subject  of  final  punitive 
sanctions  on  the  same  charges  by  the  competent 
authorities  of  the  jurisdiction  of  the  Requested  Authority, 
unless the Requesting Authority can demonstrate that the 
relief  or  sanctions  sought  in  any  proceedings  initiated  by 

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the Requesting Authority would not be of the same nature 
or  duplicative  of  any  relief  or  sanctions  obtained  in  the 
jurisdiction of the Requested Authority. 
(iii)  w
here  the  request  is  not  made  in  accordance  with  the 
provisions of this Memorandum of Understanding; or 
(iv) on grounds of public interest or essential national interest. 
Wher
e a request for assistance is denied, or where assistance 
is not available under domestic law, the Requested Authority 
will  provide  the  reasons  for  not  granting  the  assistance  and 
consult pursuant to paragraph 12. 
7.Scope of Assistance
(a)    The Authorities will, within the framework of this Memorandum
of  Understanding,  provide  each  other  with  the  fullest 
assistance  permissible  to  secure  compliance  with  the 
respective Laws and Regulations of the Authorities.   
(b)    The  assistance  available  under  this  Memorandum  of 
Understanding includes, without limitation: 
(i)
  providing information and documents held in the files of the 
Requested Authority regarding the matters set forth in the 
request for assistance; 
(ii
)  obtaining information and documents regarding the matters 
set forth in the request for assistance, including: 
•contemporaneous    records    sufficient    to
reconstruct   all   securities   and   derivatives 
transactions,  including  records  of  all  funds  and 
assets  transferred  into  and  out  of  bank  and 
brokerage   accounts   relating   to   these 
transactions;  
•records  that  identify:  the  beneficial  owner  and
controller, and for each transaction, the account 
holder; the amount purchased or sold; the time of 
the transaction; the price of the transaction; and 
the  individual  and  the  bank  or  broker  and 
brokerage  house  that  handled  the  transaction; 
and    
•information identifying  persons  who  beneficially
own or control non-natural Persons organized in 
the jurisdiction of the Requested Authority. 
(iii)  I
n accordance with Paragraph 9(d), taking or compelling a 
Person’s statement, or, where permissible, testimony under 

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oath,  regarding  the  matters  set  forth  in  the  request  for 
assistance. 
(c)    Assistance will not be denied based on the fact that the type of 
conduct  under  investigation  would  not  be  a  violation  of  the 
Laws and Regulations of the Requested Authority. 
8.Requests For Assistance
(a)    Requests for assistance will be made in writing, in such form
as  may  be  agreed  by IOSCO from time to time, and will be 
addressed to the Requested Authority's contact office listed in 
Appendix A. 
(b)    Requests for assistance will include the following: 
(i)  a description of the facts underlying the investigation that 
are the subject of the request, and the purpose for which 
the assistance is sought; 
(ii)  a description of the assistance sought by the Requesting 
Authority  and  why  the  information  sought  will  be  of 
assistance; 
(iii)  any
  information  known  to,  or  in  the  possession  of,  the 
Requesting  Authority  that  might  assist  the  Requested 
Authority  in  identifying  either  the  Persons  believed  to 
possess the information or documents sought or the places 
where such information may be obtained;  
(iv) an  indication  of  any  special  precautions  that  should  be 
taken  in  collecting  the  information  due  to  investigatory 
considerations, including the sensitivity of the information; 
and 
(v)  the Laws and Regulations that may have been violated and 
that relate to the subject matter of the request. 
(c)
    In  urgent  circumstances,  requests  for  assistance  may  be 
effected   by   telephone   or   facsimile,   provided   such 
communication  is  confirmed  through  an  original,  signed 
document. 
9.Execu
tion of Requests for Assistance
(a)
    Information and documents held in the files of the Requested
Authority  will  be  provided  to  the  Requesting  Authority  upon 
request. 

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(b) Upon  request,  the  Requested  Authority  will  require  the 
production  of  documents  identified  in  7(b)(ii)  from  (i)  any 
Person  designated  by  the  Requesting  Authority,  or  (ii)  any 
other Person who may possess the requested information or 
documents.  Upon request, the Requested Authority will obtain 
other information relevant to the request. 
(c)    Upon request, the Requested Authority will seek responses to 
questions and/or a statement (or where permissible, testimony 
under oath) from any Person involved, directly or indirectly, in 
the  activities  that  are  the  subject  matter  of  the  request for 
assistance  or  who  is  in  possession  of  information  that  may 
assist in the execution of the request.   
(d)
    Unless otherwise arranged by the Authorities, information and 
documents   requested   under   this   Memorandum   of 
Understanding  will  be  gathered  in  accordance  with  the 
procedures  applicable  in  the  jurisdiction  of  the  Requested 
Authority  and  by  persons  designated  by  the  Requested 
Authority.  Where permissible under the Laws and Regulations 
of the jurisdiction of the Requested Authority, a representative 
of   the  Requesting  Authority  may  be  present  at  the  taking  of 
statements  and  testimony  and  may  provide,  to  a  designated 
representative of the Requested Authority, specific questions 
to be asked of any witness. 
(e)    In  urgent  circumstances,  the  response  to  requests  for 
assistance may be effected by telephone or facsimile, provided 
such communication is confirmed through an original, signed 
document. 
10.Permissible Uses of Information
(a)
    The Requesting Authority may use non-public information and 
non-   public documents furnished in response to a request for 
assistance  under  this  Memorandum  of  Understanding  solely 
for:     
(i)
  the  purposes  set  forth  in  the  request  for  assistance, 
including  ensuring  compliance  with  the  Laws  and 
Regulations related to the request; and 
(ii) a purpose within the general framework of the use stated in 
the  request  for  assistance,  including  conducting  a  civil  or 
administrative enforcement proceeding, assisting in a self-
regulatory  organization's  surveillance  or  enforcement 
activities  (insofar  as  it  is  involved  in  the  supervision  of 
trading  or  conduct  that  is  the  subject  of  the  request), 
assisting  in  a  criminal  prosecution,  or  conducting  any 
investigation  for  any  general  charge  applicable  to  the 

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violation  of  the  provision  specified  in  the  request  where 
such general charge pertains to a violation of the Laws and 
Regulations  administered  by  the  Requesting  Authority. 
This use may include enforcement proceedings which are 
public. 
(b)      If a Requesting Authority intends to use information furnished 
under  this  Memorandum  of  Understanding  for  any  purpose 
other than those stated in Paragraph 10(a), it must obtain the 
consent of the Requested Authority.   
11.Confidentiality
(a)    Each Authority will keep confidential requests made under this 
Memorandum  of  Understanding,  the  contents  of  such 
requests, and any matters arising under this Memorandum of 
Understanding, including consultations between or among the 
Authorities,  and  unsolicited  assistance.  After  consultation  with 
the Requesting Authority, the Requested Authority may disclose 
the fact that the Requesting Authority has made the request if 
such disclosure is required to carry out the request.   
(b)    The  Requesting  Authority  will  not  disclose  non-public 
documents and information received under this Memorandum 
of Understanding, except as contemplated by paragraph 10(a) 
or in response to a legally enforceable demand.  In the event 
of a legally enforceable demand, the Requesting Authority will 
notify  the  Requested  Authority  prior  to  complying  with  the 
demand, and will assert such appropriate legal exemptions or 
privileges with respect to such information as may be available. 
The Requesting Authority will use its best efforts to protect the 
confidentiality  of  non-public  documents  and  information 
received under this Memorandum of Understanding. 
(c)     P
rior to providing information to a self-regulatory organization 
in  accordance  with  paragraph  10(a)(ii),  the  Requesting 
Authority  will  ensure  that  the  self-regulatory  organization  is 
able  and  will  comply  on  an  ongoing  basis  with  the 
confidentiality provisions set forth in paragraphs 11(a) and (b) 
of  this  Memorandum  of  Understanding,  and  that  the 
information  will  be  used  only  in  accordance  with  paragraph 
10(a) of this Memorandum of Understanding, and will not be 
use d for competitive advantage. 
12.Consultation Regarding Mutual Assistance and the Exchange of
Information
(a)
    The  Authorities  will  consult  periodically  with  each  other 
regarding  this  Memorandum  of  Understanding  about  matters 

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of common concern with a view to improving its operation and 
resolving  any  issues  that  may  arise.  In  particular,  the 
Authorities will consult in the event of: 
(i)
  a significant change in market or business conditions or in 
legislation where such change is relevant to the operation 
of th is Memorandum of Understanding;  
(ii)  a  demonstrated  change  in  the  willingness  or  ability of an 
Authority  to  meet  the  provisions  of  this  Memorandum  of 
Understanding; and 
(iii)  any  other  circumstance  that  makes  it  necessary  or 
appropriate to consult, amend or extend this Memorandum 
of Understanding in order to achieve its purposes. 
(b)   The Requesting Authority and Requested Authority will consult 
with one another in matters relating to specific requests made 
pursuant to this Memorandum of Understanding (e.g.
, where a 
request may be denied, or if it appears that responding to a 
request will involve a substantial cost). These Authorities will 
define the terms herein in accordance with the relevant laws of 
the  jurisdiction  of  the  Requesting  Authority  unless  such 
definition would require the Requested Authority to exceed its 
legal  authority  or  otherwise  be  prohibited  by  the  laws 
applicable  in  the  jurisdiction  of  the  Requested  Authority.    In 
such  case,  the  Requesting  and  Requested  Authorities  will 
consult. 
13.Unsolicited Assistance
Each  Authority  will  make  all  reasonable  efforts  to  provide,  without
prior  request,  the  other  Authorities  with  any  information  that  it
considers  is  likely  to  be  of  assistance  to  those  other  Authorities  in
securing  compliance  with  Laws  and  Regulations  applicable  in  their
jurisdiction.
FIN
AL PROVISIONS 
14.Additional Authorities
Additional  IOSCO  members  may  become  Authorities  under  this
Memorandum  of  Understanding  in  accordance  with  the  procedures
set forth in Appendix B.  New Authorities may be added under this
Memorandum of Understanding by signing Appendix A.

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15.Effective Date
Cooperation in accordance with this Memorandum of Understanding 
will  begin  on  the  date  of  its  signing  by  the  Authorities.  The 
Memorandum  of  Understanding  will  be  effective  as  to  additional 
Authorities as of the date of that Authority’s signing of Appendix A. 
16.Termination
(a)    An  Authority  may  terminate  its  participation  in  this 
Memorandum of Understanding at any time by giving at least 
30 days prior written notice to each other Authority.  
(b)
    If, in accordance with the procedures set forth in Appendix B, 
the Chairmen of the IOSCO Board, the Emerging Markets and 
the  Monitoring  Group (the  “Committee  of  Chairmen”) 
determine, following notice and opportunity to be heard, that 
there has been a demonstrated change in the willingness or 
ability  of  an  Authority  to  meet  the  provisions  of  this 
Memorandum  of  Understanding,  as  set  forth  in  paragraph 
12(a)(ii),  the  Committee  of  Chairmen  may,  after  consultation 
with  the  Chairman  of  the  relevant  Regional  Committee, 
terminate that Authority’s participation in this Memorandum of 
Understanding,  subject  to  a  possible  review  by  the IOSCO 
Board. 
(c)    In  the  event  that  an  Authority  decides  to  terminate  its 
participation   in   this   Memorandum   of   Understanding, 
cooperation   and   assistance   in   accordance   with   this 
Memorandum  of  Understanding  will  continue  until  the 
expiration of 30 days after that Authority gives written notice to 
the other Authorities of its intention to discontinue cooperation 
and assistance hereunder.  If any Authority gives a termination 
notice,  cooperation  and  assistance  in  accordance  with  this 
Memorandum of Understanding will continue with respect to all 
requests  for  assistance  that  were  made,  or  information 
provided, before the effective date of notification (as indicated 
in the notice but no earlier than the date the notice is sent) until 
the  Requesting  Authority  terminates  the  matter  for  which 
assistance was requested. 
(d)
    In the event of the termination of an Authority’s participation in 
the  Memorandum  of  Understanding,  whether  under  the 
provisions  of  16(a)  or  16(b),  information  obtained  under  this 
Memorandum  of  Understanding  will  continue  to  be  treated 
confidentially  in  the  manner  prescribed  under  Article  11  and 
cooperation  under  this  Memorandum  of  Understanding  will 
continue among the other Authorities.
 

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APPENDIX A 
IOSCO MMoU: List of Current Signatories 
http://www.iosco.org/about/?subSection=mmou&subSection1=signatories 

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APPENDIX B 
Procedures Under the Multilateral Memorandum of Understanding 
Concerning Consultation and Cooperation and the Exchange of Information 
I. Application to Become a Signatory to the MOU  
(a)  All governmental regulatory bodies that are Ordinary or Associate Members of IOSCO 
are  eligible  to  apply  to  participate  in  the  MOU  at  any  time.  Applications  should  be  
submitted to the IOSCO Secretary General. 
(b)  All applicants must provide a complete response to the questionnaire, which is included 
in  Part  IV  of  this  Appendix  B,  and  provide  copies  of  their  supporting  laws,  rules  and  
regulations as indicated in the questionnaire. Responses should identify and explain the 
applicant’s   legal   authority   to   meet   the   specific   MOU   provisions   cited   in   the   
questionnaire, which are essential to mutual assistance and the exchange of information 
in order to successfully enforce securities and derivatives laws. 
(c)  Responses   to   the   questionnaire   will   be   verified   by   the   Screening   Group with 
administrative  support  provided  by  the  Secretary  General.    The  screening  group  will  
establish   verification   teams   that   include   members   with   substantial   expertise   in   
enforcement  of  securities  and  derivatives  laws,  as  well  as  expertise  in  cross  border  
information  sharing.    The  screening  group has  discretion  to  invite  other  IOSCO  
members to participate in the verification teams.   
(d)  The  verification  of  the  questionnaire  responses  will  be  limited  to  verification  that  the  
responses accurately reflect the legal authority of members to comply with the specific 
MOU  provisions  cited  in  the  questionnaire  based  on  the  laws,  rules  and  regulations  
cited  in  the  responses.    Based  on  their  review  of  the  questionnaire  responses,  the  
verification   teams   will   make   specific   recommendations   to   the   screening   group 
concerning the ability of the applicant to comply with each MOU provision cited in the 
questionnaire. 
(e)  The   screening   group   will   make   recommendations   concerning   its   verification   of   
applicant  responses  to  a  decision  making  group.    Prior  to  making  any  negative 
recommendation  on  an  application,  the  screening  group  will  notify  the  applicant  in  
writing,  identifying  the  specific  MOU  provisions  for  which  the  applicant  lacks  legal  
authority.    The  applicant  will  have  an  opportunity,  upon  request,  to  be  heard  by  the  
screening group.   
(f)  Th
e  decision-making  group  will  be  comprised  of  the  Chairmen  of  the  IOSCO  Board,  
the Emerging   Markets   Committee,   and   the   Monitoring   Group   (“Committee   of   
Chairmen”).      Together,   this   decision-making group,   after   consultation   with the 
Chairman  of  the  relevant  Regional  Committee,  will  decide  whether  to  accept  or  reject  
applications   to   become   an   MOU   signatory   based   on   the   screening   group’s   
recommendations.    Prior  to  making  any  negative  decision,  the  decision  making  group  
will notify the applicant in writing, identifying the specific MOU provisions for which 
the  applicant  lacks  legal  authority.    The  applicant  will  have  an  opportunity,  upon  
request, to be heard by the decision-making group. 

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(g)  Upon a decision by the decision-making group of the applicant’s legal authority to meet 
the MOU provisions cited in the questionnaire, as described in I(f) above, the applicant 
will  be  invited  by  IOSCO  to  be  a  signatory.    Appendix  A  will  contain  the  names  and  
signatures  of  all  Authorities  to  the  MOU  and  will  be  maintained  and  updated  by  the  
IOSCO  Secretary  General.  The  responses  of  applicants  that  are  so  invited  to  be  
signatories will be posted on the IOSCO members-only website. 
 
(h)  Decisions  of  the  Committee  of  Chairmen  shall  be  made  under  the  authority  of  the  
IOSCO Board.  However, an applicant dissatisfied with the decision of the Committee 
of Chairmen may, by written notice to the Secretary General, request that the decision 
be  reviewed  by  the  IOSCO  Board.    Such  request  will  be  referred  by  the  Secretary 
General  to  the  next  meeting  of  the  IOSCO  Board  to  be  held  at  least  thirty  days  
following receipt of the request and shall be accompanied by such material and be dealt 
with  under  such  procedures  as  the  IOSCO  Board  may  from  time  to  time  decide.    The 
IOSCO Board may confirm the original decision of the Committee of Chairmen or may 
substitute a new decision or otherwise deal with the request as it considers fit. 
 
(i) An  applicant  notified  of  a  negative  decision  pursuant  to  I(f)  and  I(h)  above,  may  re-
apply to become a signatory, in accordance with the procedures in Part II(e)-(g) below, 
once it obtains the legal authority that IOSCO has determined is lacking. 
 
 
II. Commitment to Become a Signatory 
 
(a)  Members  that  do  not  have  the  legal  authority  to  meet  all  the  MOU  provisions  cited  in  
the questionnaire, may nonetheless complete the questionnaire, and voluntarily express 
in  their  responses,  where  appropriate,  that  they  are  committed  to  seeking  the  legal  
authority necessary to enable them to do so.   
 
(b) All completed questionnaires will be reviewed in the same manner set forth in I(c) and 
(d)  above.  Such  review  will  be  limited  to  verification  that  the  laws,  rules,  and  
regulations   submitted   support   the   member’s   legal   authority   to   meet   the   MOU   
provisions cited in the questionnaire.  
 
(c)  The screening group will notify the members in writing of the specific MOU provisions 
for which the member lacks legal authority.  
 
(d)  Members  that  complete  the  questionnaire  as  provided  for  in  Part  II(a)  above  or  that  
receive  notification  of  a  negative  decision  as  provided  for  in  Part  I(f)  above,  may  
express to IOSCO their commitment to obtain the legal authority to meet all the MOU 
provisions cited in the questionnaire.  Such members will be listed in an attachment to 
this  Appendix  B.    This  list  will  be  maintained  and  updated  by  IOSCO’s  Secretary  
General.  The  responses  of  such  members,  with  their  consent,  will  be  posted  on  the  
IOSCO members-only website. 
 
(e)  After obtaining the legal authority identified as lacking during the verification process, 
a member may apply to become a signatory to the MOU by: (1) submitting an updated 
response  to  the  questionnaire  identifying  changes  to  the  legal  authority  previously  
identified as lacking; and (2) confirming the continued accuracy of all other information 
previously submitted in response to the questionnaire. 
 

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(f)  The legal authority submitted in accordance with II(e)(1) will be verified in accordance 
with the procedures referenced in I(c) to I(g).   
 
(g)  Upon  verification  of  the  legal  authority  submitted  in  accordance  with  II(e)(1),  an  
applicant  will  be  invited  by  IOSCO  to  be  a  signatory  and  to  sign  Appendix  A  of  the  
MOU. The  updated  responses  of  such  applicants  will  be  posted  on  the  IOSCO  
members-only website. 
 
 
III. Monitoring of the Operation of the MOU 
 
(a)  In  order  to  ensure  the  effective  monitoring  of  the  operation  of  the  MOU,  signatories  
will update as appropriate their responses posted on the IOSCO members-only website. 
 
(b)  The   MOU   provides,   in   paragraph   12(a),   for   periodic   consultation   about   certain   
significant,  enumerated  matters  of  common  concern  to  the  MOU  signatories  with  a  
view to improving operation of the MOU.  Such consultations will be conducted by the 
MOU  signatories  (“monitoring  group”),  with  administrative  support  provided  by  the  
Secretary  General.    The  monitoring  group  may  establish  procedures,  in  consultation  
wıth the IOSCO Board, to facilitate their periodic consultations.  Such procedures will 
include written notice to signatories of the issues to be considered during consultations, 
and  an  opportunity  to  be  heard  and  respond.    The  monitoring  group  may  obtain  the  
assistance  of  other  IOSCO  bodies  in  performing  its  consultation  and  recommendation  
functions. 
 
(c)  The  monitoring  group  has  discretion  to  consider  and  recommend  a  range  of  possible  
options to encourage compliance in the event that a signatory demonstrates a change in 
its  willingness  or  ability  to  meet  the  standards  of  the  MOU  provisions.    The  options  
might include: providing a period of time for the signatory to comply; full peer review 
of  a  signatory  that  may  not  be  in  compliance;  public  notice  of  non-compliance; 
suspension   of   a   signatory   from   MOU   participation;   or   termination   from   MOU   
participation as provided in the MOU (section 16(b)). 
 
(d)  If further action is necessary as a result of such consultations, the monitoring group will 
forward recommendations to the decision-making group comprised of the Chairmen of 
the IOSCO  Board,  the  Emerging  Markets  Committee,  and  the  Monitoring  Group  (as 
defined in I(f) above). The decision-making group will consider the monitoring group’s 
recommendations and, where appropriate, take action. 
 
(e)  If  the  IOSCO  decision-making  group determines,  following  notice  and  an  opportunity  
to be heard, that there has been a demonstrated change in the willingness or ability of a 
signatory to meet the provisions of the MOU, as provided in paragraph 12(a)(ii) of the 
MOU,  the  decision-making group  will  notify  the  signatory  of  the  determination  and  
provide  the  signatory  with  a  written  explanation  of  the  determination.    The  decision-
making  group  will  establish  procedures  to  provide  the  signatory  with  an  opportunity,  
upon  request,  to  be  heard  and  seek  review  of  the  determination.    Upon  a  final  
determination, the decision-making group may take action to encourage the signatory’s 
compliance  with  the  MOU,  or  where  appropriate,  the  decision-making group may 
terminate  the  signatory’s  participation  in  the  MOU  as  provided  in  paragraph  16(b)  of  
the MOU.  
 

version revised May 2012 
14 
(f)  Decisions  of  the  decision-making group shall  be  made  under  the  authority  of  the  
IOSCO Board.  In case of a decision of termination, if dissatisfied with the decision of 
the  decision-making group,  the  member  who  is  the  subject  of  that  decision  may,  by  
written  notice  to  the  Secretary  General,  request  that  the  decision  be  reviewed  by  the  
IOSCO  Board.    Such  request  will  be  referred  by  the  Secretary  General  to  the  next  
meeting  of  the  IOSCO  Board  to  be  held  at  least  thirty  days  following  receipt  of  the  
request  and  shall  be  accompanied  by  such  material  and  be  dealt  with  under  such  
procedures as the IOSCO Board may from time to time decide.  The IOSCO Board may 
confirm  the  original  decision  of  the  decision-making  group or  may  substitute  a  new  
decision or otherwise deal with the request as it considers fit. 
 
(g)  Any   decision   involving   an   amendment   to   the   MOU   requires   a   unanimous   
recommendation from the signatories to the MOU. 
 
 
IV. Questionnaire 
 
GENERAL INSTRUCTIONS: 
 
The  responses  and  the  accompanying  material  (including  laws,  rules  and  regulations)  
should  be  provided  in  one  of  the  four  official  languages  of  IOSCO  (English,  French,  
Spanish or Portuguese). 
 
The following questions ask for information indicating your ability to comply with the 
provisions  of  the  IOSCO  Multilateral  Memorandum  of  Understanding  cited  below.  
Please provide a complete response to each question, and copies of the laws, rules and 
regulations that support each response. 
 
Responses to the questionnaire should be sent to the IOSCO Secretary General.  
 
Completed questionnaires will be reviewed by in a manner authorized by IOSCO. 
 

15
QUESTIONS: 
 
1.   Please identify and explain the general or specific provisions of your laws, rules and 
regulations  (and  provide  copies  of  these  provisions)  that  enable  you,  or  a  separate  
governmental body in your jurisdiction, to obtain:  
 
(a)      contemporaneous   records   sufficient   to   reconstruct   all   securities   and   
derivatives transactions, including records of all funds and assets transferred 
into and out of bank and brokerage accounts relating to those transactions;  
(as required by Paragraph 7(b)(ii) of the MOU) 
 
(b)  records for securities and derivatives transactions that identify: 
(1) the client: 
i.  name of the account holder; and  
ii. person authorized to transact business; 
(2) the amount purchased or sold; 
(3) the time of the transaction; 
(4) the price of the transaction; and 
(5) the  individual  and  the  bank  or  broker  and  brokerage  house  that  
handled the transaction. 
(as required by Paragraph 7(b)(ii) of the MOU) 
 
(c)  information located in your jurisdiction identifying persons who beneficially 
own or control non-natural persons organized in your jurisdiction.   
(as required by Paragraph 7(b)(ii) of the MOU) 
 
2.   Please identify and explain the general or specific provisions of your laws, rules and 
regulations  (and  provide  copies  of  these  provisions)  that  enable  you,  or  a  separate  
governmental body in your jurisdiction, to take or compel a person’s statement, or, 
where permissible, testimony under oath.  
(as required by Paragraph 7(b)(iii) of the MOU) 
 
3.   Please identify and explain the general or specific provisions of your laws, rules and 
regulations  (and  provide  copies  of  these  provisions)  that  enable  you  to  provide  to  
foreign authorities: 
 
(a)  the information identified in 1(a) above;  
 
(b)  the information identified in 1(b) above; 
 
(c)  the information identified in 1(c) above; 
 
(d)  the information obtained through the powers described in 2 above;  and 
 
(e)  information  and documents held in your files.  
(as required by Paragraph 7(b)(i) of the MOU) 
 
4.   Please identify and explain the general or specific provisions of your laws, rules and 
regulations  (and  provide  copies  of  these  provisions)  that  enable  you  to  provide  the  
information and documents referenced in 3 above to foreign authorities in response 
to requests concerning the following: 

16
 
(a)  insider    dealing,    market    manipulation,    misrepresentation    of    material    
information   and   other   fraudulent   or   manipulative   practices   relating   to   
securities  and    derivatives,  including  solicitation  practices,  handling  of  
investor funds and customer orders; 
 
(b)    the  registration,  issuance,  offer,  or  sale  of  securities  and  derivatives,  and  
reporting requirements related thereto;  
 
(c)    market  intermediaries,  including  investment  and  trading  advisers  who  are  
required to be licensed or registered, collective investment schemes, brokers, 
dealers, and transfer agents; and  
 
(d)  markets, exchanges, and clearing and settlement entities. 
(as required by Paragraph 7 of the MOU) 
 
5.   Please identify and explain the general or specific provisions of your laws, rules and 
regulations  (and  provide  copies  of  these  provisions)  that  enable  you  to  provide  
assistance  referenced  in  4  above  to  a  foreign  authority,  regardless  of  whether  you  
have an independent interest in the matter. 
(as required by Paragraph 7 of the MOU) 
 
6.   Please identify and explain the general or specific provisions of your laws, rules and 
regulations (and provide copies of these provisions) that require maintenance of the 
following  information  and  documents  (including  the  period  of  time  for  which  such  
information or documents are required to be maintained): 
 
(a)  information identified in 1(a) above;  
 
(b)  information identified in 1(b) above; and  
 
(c)  information identified in 1(c) above. 
 (as required by Paragraph 7 of the MOU) 
 
7.    Please  identify  and  explain  (and  provide  copies  of)  any  domestic  secrecy  or  
blocking laws, rules and regulations that relate to the collection for, or provision to, 
foreign authorities of: 
 
(a)  the information identified in 1(a) above;  
 
(b)  the information identified in 1(b) above; 
 
(c)  the information identified in 1(c) above;  
 
(d)  the information identified in 2 above; and  
 
(e)  the information identified in 3(e) above. 
(As required by Paragraph 6(b)of the MOU) 
 
 
 

17
8.   Please   identify   and   explain   (and   provide   copies   of)   any   specific   or   general
provisions  of  your  laws,  rules  and  regulations  which  restrict  or  limit  the  following
uses  by  foreign  authorities  of  information  and  documents  identified  above  in  1(a)-
(c), 2 and 3(e) provided by you:
(a)    for  the  purpose  of  ensuring  compliance  with  (including  investigation  of  
potential violations of) laws and regulations related to: 
(1) 4(a) above; 
(2) 4(b) above; 
(3) 4(c) above; and 
(4) 4(d) above. 
(b)      for   the   purpose   of   conducting   a   civil   or   administrative   enforcement   
proceeding,   assisting   in   a   self-regulatory   organization's   surveillance   or   
enforcement activities or assisting in a criminal prosecution.  
(As required by Paragraph 10(a) of the MOU). 
9.   Please   identify   and   explain   (and   provide   copies   of)   any   general   or   specific
provisions of your laws, rules and regulations that provide for the confidentiality of:
(a)  requests  for  assistance made  to  you  by  foreign  authorities,  the  contents  of  
such   requests,   and   any   matters   arising   under   such   requests,   including   
consultations  between  or  among  the  authorities,  and  unsolicited  assistance;  
and  
(As required by Paragraph 11(a)of the MOU) 
(b)  documents and information received from foreign authorities. 
(As required by Paragraph 11(b) of the MOU) 
____________
Members Listed in the IOSCO MOU Annex B
 
http://www.iosco.org/about/?subSection=mmou&subSection1=signatories 

18 
APPENDIX C
 
FORM FOR DRAFTING 
REQUESTS FOR INFORMATION  
This request is being made pursuant to the provisions of the IOSCO MOU concerning 
consultation and cooperation and the exchange of information. 
Description of the facts underlying the investigation: 
¾entities/individuals involved and whether regulated or not by the Requesting
Authority
¾type of scheme
¾location of investors
¾location of affected markets and whether regulated or not by the Requesting
Authority
¾timeframe of the suspected misconduct
¾nature of the suspected misconduct
¾location of assets
¾chronology of relevant events
Describe how the information requested will assist in developing the investigation. 
Description of uses for which assistance is sought, if other than in accordance with the 
provisions of the MOU. 
Description of the information needed or assistance sought (e.g., account opening 
documents, periodic account statements, trade confirmations, etc.). 
Time period for which documents should be gathered. 
Information useful for identifying the relevant documents (e.g., account number, name, 
address, date of birth of account holder, names of entities believed to control the 
accounts). 
Information useful for identifying the individual(s) from whom statements are needed 
(e.g., name, address, date of birth of individual, telephone number). 
Sources of information (e.g., regulated individuals and entities, investors, 
knowledgeable insiders). 

19
Preferred form in which information should be gathered. 
Indication of wish to participate in any interview. 
Special precautions. 
Dates of previous requests in this matter. 
Laws and regulations: 
¾provisions of the securities or derivatives laws that may have been violated
¾brief description of the provisions
¾explanation of how the activities being investigated may have constituted
violations of such provisions
Responsibility for administering and enforcing the securities or derivatives laws. 
Desired time for a reply. 
Preferred manner in which information is to be transmitted (e.g., telephone, courier, e-
mail, computer disk and format). 
Contact information : 
¾name of contact
¾telephone and fax numbers
¾e-mail address
Other relevant information. 

1 

MULTILATERAL MEMORANDUM OF UNDERSTANDING 

CONCERNING CONSULTATION AND COOPERATION 

AND THE EXCHANGE OF INFORMATION  

INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS 

MAY 2002 [version revised May 2012] 



version revised May 2012 2 

PURPOSE 

The signatories to this IOSCO Multilateral Memorandum of Understanding: 

Considering the increasing international activity in the securities and derivatives 
markets, and the corresponding need for mutual cooperation and consultation 
among IOSCO Members to ensure compliance with, and enforcement of, their 
securities and derivatives laws and regulations; 

Considering the events of September 11, 2001, which underscore the importance 
of expanding cooperation among IOSCO Members;  

Desiring to provide one another with the fullest mutual assistance possible to 
facilitate the performance of the functions with which they are entrusted within their 
respective jurisdictions to enforce or secure compliance with their laws and 
regulations as those terms are defined herein, 

Have reached the following understanding: 

DEFINITIONS 

For the purposes of this IOSCO Multilateral Memorandum of Understanding: 

1. "Authority" means those regulators listed in Appendix A, who, in
accordance with the procedures set forth in Appendix B, have signed
this Memorandum of Understanding.

2. "Requested Authority" means an Authority to whom a request for
assistance is made under this Memorandum of Understanding.

3. "Requesting Authority" means an Authority making a request for
assistance under this Memorandum of Understanding.

4. “Laws and Regulations” mean the provisions of the laws of the
jurisdictions of the Authorities, the regulations promulgated
thereunder, and other regulatory requirements that fall within the
competence of the Authorities, concerning the following:

a. insider dealing, market manipulation, misrepresentation of
material information and other fraudulent or manipulative practices
relating to securities and  derivatives, including solicitation
practices, handling of investor funds and customer orders;

b. the registration, issuance, offer, or sale of securities and
derivatives, and reporting requirements related thereto;

c. market intermediaries, including investment and trading advisers
who are required to be licensed or registered, collective
investment schemes, brokers, dealers, and transfer agents; and

d. markets, exchanges, and clearing and settlement entities.



version revised May 2012 3 

5. "Person" means a natural or legal person, or unincorporated entity or
association, including corporations and partnerships.

MUTUAL ASSISTANCE AND THE EXCHANGE OF INFORMATION 

6. General Principles regarding Mutual Assistance and the
Exchange of Information

(a) This Memorandum of Understanding sets forth the Authorities'
intent with regard to mutual assistance and the exchange of 
information for the purpose of enforcing and securing 
compliance with the respective Laws and Regulations of the 
jurisdictions of the Authorities. The provisions of this 
Memorandum of Understanding are not intended to create 
legally binding obligations or supersede domestic laws. 

(b) The Authorities represent that no domestic secrecy or blocking 
laws or regulations should prevent the collection or provision of 
the information set forth in 7(b) to the Requesting Authority.   

(c) This Memorandum of Understanding does not authorize or 
prohibit an Authority from taking measures other than those 
identified herein to obtain information necessary to ensure 
enforcement of, or compliance with, the Laws and Regulations 
applicable in its jurisdiction.   

(d) This Memorandum of Understanding does not confer upon any 
Person not an Authority, the right or ability, directly or indirectly 
to obtain, suppress or exclude any information or to challenge 
the execution of a request for assistance under this 
Memorandum of Understanding. 

(e) The Authorities recognize the importance and desirability of 
providing mutual assistance and exchanging information for 
the purpose of enforcing, and securing compliance with, the 
Laws and Regulations applicable in their respective 
jurisdictions.  A request for assistance may be denied by the 
Requested Authority: 

(i) where the request would require the Requested Authority to 
act in a manner that would violate domestic law; 

(ii) where a criminal proceeding has already been initiated in 
the jurisdiction of the Requested Authority based upon the 
same facts and against the same Persons, or the same 
Persons have already been the subject of final punitive 
sanctions on the same charges by the competent 
authorities of the jurisdiction of the Requested Authority, 
unless the Requesting Authority can demonstrate that the 
relief or sanctions sought in any proceedings initiated by 



version revised May 2012 4 

the Requesting Authority would not be of the same nature 
or duplicative of any relief or sanctions obtained in the 
jurisdiction of the Requested Authority. 

(iii) where the request is not made in accordance with the 
provisions of this Memorandum of Understanding; or 

(iv) on grounds of public interest or essential national interest. 

Where a request for assistance is denied, or where assistance 
is not available under domestic law, the Requested Authority 
will provide the reasons for not granting the assistance and 
consult pursuant to paragraph 12. 

7. Scope of Assistance

(a) The Authorities will, within the framework of this Memorandum
of Understanding, provide each other with the fullest 
assistance permissible to secure compliance with the 
respective Laws and Regulations of the Authorities.   

(b) The assistance available under this Memorandum of 
Understanding includes, without limitation: 

(i) providing information and documents held in the files of the 
Requested Authority regarding the matters set forth in the 
request for assistance; 

(ii)  obtaining information and documents regarding the matters 
set forth in the request for assistance, including: 

• contemporaneous records sufficient to
reconstruct all securities and derivatives 
transactions, including records of all funds and 
assets transferred into and out of bank and 
brokerage accounts relating to these 
transactions;  

• records that identify: the beneficial owner and
controller, and for each transaction, the account 
holder; the amount purchased or sold; the time of 
the transaction; the price of the transaction; and 
the individual and the bank or broker and 
brokerage house that handled the transaction; 
and    

• information identifying persons who beneficially
own or control non-natural Persons organized in 
the jurisdiction of the Requested Authority. 

(iii) In accordance with Paragraph 9(d), taking or compelling a 
Person’s statement, or, where permissible, testimony under 



version revised May 2012 5 

oath, regarding the matters set forth in the request for 
assistance. 

(c) Assistance will not be denied based on the fact that the type of 
conduct under investigation would not be a violation of the 
Laws and Regulations of the Requested Authority. 

8. Requests For Assistance

(a) Requests for assistance will be made in writing, in such form
as may be agreed by IOSCO from time to time, and will be 
addressed to the Requested Authority's contact office listed in 
Appendix A. 

(b) Requests for assistance will include the following: 

(i) a description of the facts underlying the investigation that 
are the subject of the request, and the purpose for which 
the assistance is sought; 

(ii) a description of the assistance sought by the Requesting 
Authority and why the information sought will be of 
assistance; 

(iii) any information known to, or in the possession of, the 
Requesting Authority that might assist the Requested 
Authority in identifying either the Persons believed to 
possess the information or documents sought or the places 
where such information may be obtained;  

(iv) an indication of any special precautions that should be 
taken in collecting the information due to investigatory 
considerations, including the sensitivity of the information; 
and 

(v) the Laws and Regulations that may have been violated and 
that relate to the subject matter of the request. 

(c) In urgent circumstances, requests for assistance may be 
effected by telephone or facsimile, provided such 
communication is confirmed through an original, signed 
document. 

9. Execution of Requests for Assistance

(a) Information and documents held in the files of the Requested
Authority will be provided to the Requesting Authority upon 
request. 



version revised May 2012 6 

(b) Upon request, the Requested Authority will require the 
production of documents identified in 7(b)(ii) from (i) any 
Person designated by the Requesting Authority, or (ii) any 
other Person who may possess the requested information or 
documents.  Upon request, the Requested Authority will obtain 
other information relevant to the request. 

(c) Upon request, the Requested Authority will seek responses to 
questions and/or a statement (or where permissible, testimony 
under oath) from any Person involved, directly or indirectly, in 
the activities that are the subject matter of the request for 
assistance or who is in possession of information that may 
assist in the execution of the request.   

(d) Unless otherwise arranged by the Authorities, information and 
documents requested under this Memorandum of 
Understanding will be gathered in accordance with the 
procedures applicable in the jurisdiction of the Requested 
Authority and by persons designated by the Requested 
Authority.  Where permissible under the Laws and Regulations 
of the jurisdiction of the Requested Authority, a representative 
of the Requesting Authority may be present at the taking of 
statements and testimony and may provide, to a designated 
representative of the Requested Authority, specific questions 
to be asked of any witness. 

(e) In urgent circumstances, the response to requests for 
assistance may be effected by telephone or facsimile, provided 
such communication is confirmed through an original, signed 
document. 

10. Permissible Uses of Information

(a) The Requesting Authority may use non-public information and 
non-public documents furnished in response to a request for 
assistance under this Memorandum of Understanding solely 
for:  

(i) the purposes set forth in the request for assistance, 
including ensuring compliance with the Laws and 
Regulations related to the request; and 

(ii) a purpose within the general framework of the use stated in 
the request for assistance, including conducting a civil or 
administrative enforcement proceeding, assisting in a self-
regulatory organization's surveillance or enforcement 
activities (insofar as it is involved in the supervision of 
trading or conduct that is the subject of the request), 
assisting in a criminal prosecution, or conducting any 
investigation for any general charge applicable to the 



version revised May 2012 7 

violation of the provision specified in the request where 
such general charge pertains to a violation of the Laws and 
Regulations administered by the Requesting Authority. 
This use may include enforcement proceedings which are 
public. 

(b)  If a Requesting Authority intends to use information furnished 
under this Memorandum of Understanding for any purpose 
other than those stated in Paragraph 10(a), it must obtain the 
consent of the Requested Authority.   

11. Confidentiality

(a) Each Authority will keep confidential requests made under this 
Memorandum of Understanding, the contents of such 
requests, and any matters arising under this Memorandum of 
Understanding, including consultations between or among the 
Authorities, and unsolicited assistance. After consultation with 
the Requesting Authority, the Requested Authority may disclose 
the fact that the Requesting Authority has made the request if 
such disclosure is required to carry out the request.   

(b) The Requesting Authority will not disclose non-public 
documents and information received under this Memorandum 
of Understanding, except as contemplated by paragraph 10(a) 
or in response to a legally enforceable demand.  In the event 
of a legally enforceable demand, the Requesting Authority will 
notify the Requested Authority prior to complying with the 
demand, and will assert such appropriate legal exemptions or 
privileges with respect to such information as may be available. 
The Requesting Authority will use its best efforts to protect the 
confidentiality of non-public documents and information 
received under this Memorandum of Understanding. 

(c)  Prior to providing information to a self-regulatory organization 
in accordance with paragraph 10(a)(ii), the Requesting 
Authority will ensure that the self-regulatory organization is 
able and will comply on an ongoing basis with the 
confidentiality provisions set forth in paragraphs 11(a) and (b) 
of this Memorandum of Understanding, and that the 
information will be used only in accordance with paragraph 
10(a) of this Memorandum of Understanding, and will not be 
used for competitive advantage. 

12. Consultation Regarding Mutual Assistance and the Exchange of
Information

(a) The Authorities will consult periodically with each other 
regarding this Memorandum of Understanding about matters 



version revised May 2012 8 

of common concern with a view to improving its operation and 
resolving any issues that may arise. In particular, the 
Authorities will consult in the event of: 

(i) a significant change in market or business conditions or in 
legislation where such change is relevant to the operation 
of this Memorandum of Understanding;  

(ii)  a demonstrated change in the willingness or ability of an 
Authority to meet the provisions of this Memorandum of 
Understanding; and 

(iii) any other circumstance that makes it necessary or 
appropriate to consult, amend or extend this Memorandum 
of Understanding in order to achieve its purposes. 

(b) The Requesting Authority and Requested Authority will consult 
with one another in matters relating to specific requests made 
pursuant to this Memorandum of Understanding (e.g., where a 
request may be denied, or if it appears that responding to a 
request will involve a substantial cost). These Authorities will 
define the terms herein in accordance with the relevant laws of 
the jurisdiction of the Requesting Authority unless such 
definition would require the Requested Authority to exceed its 
legal authority or otherwise be prohibited by the laws 
applicable in the jurisdiction of the Requested Authority.  In 
such case, the Requesting and Requested Authorities will 
consult. 

13. Unsolicited Assistance

Each Authority will make all reasonable efforts to provide, without
prior request, the other Authorities with any information that it
considers is likely to be of assistance to those other Authorities in
securing compliance with Laws and Regulations applicable in their
jurisdiction.

FINAL PROVISIONS 

14. Additional Authorities

Additional IOSCO members may become Authorities under this
Memorandum of Understanding in accordance with the procedures
set forth in Appendix B.  New Authorities may be added under this
Memorandum of Understanding by signing Appendix A.



version revised May 2012 9 

15. Effective Date

Cooperation in accordance with this Memorandum of Understanding 
will begin on the date of its signing by the Authorities. The 
Memorandum of Understanding will be effective as to additional 
Authorities as of the date of that Authority’s signing of Appendix A. 

16. Termination

(a) An Authority may terminate its participation in this 
Memorandum of Understanding at any time by giving at least 
30 days prior written notice to each other Authority.  

(b) If, in accordance with the procedures set forth in Appendix B, 
the Chairmen of the IOSCO Board, the Emerging Markets and 
the Monitoring Group (the “Committee of Chairmen”) 
determine, following notice and opportunity to be heard, that 
there has been a demonstrated change in the willingness or 
ability of an Authority to meet the provisions of this 
Memorandum of Understanding, as set forth in paragraph 
12(a)(ii), the Committee of Chairmen may, after consultation 
with the Chairman of the relevant Regional Committee, 
terminate that Authority’s participation in this Memorandum of 
Understanding, subject to a possible review by the IOSCO 
Board. 

(c) In the event that an Authority decides to terminate its 
participation in this Memorandum of Understanding, 
cooperation and assistance in accordance with this 
Memorandum of Understanding will continue until the 
expiration of 30 days after that Authority gives written notice to 
the other Authorities of its intention to discontinue cooperation 
and assistance hereunder.  If any Authority gives a termination 
notice, cooperation and assistance in accordance with this 
Memorandum of Understanding will continue with respect to all 
requests for assistance that were made, or information 
provided, before the effective date of notification (as indicated 
in the notice but no earlier than the date the notice is sent) until 
the Requesting Authority terminates the matter for which 
assistance was requested. 

(d) In the event of the termination of an Authority’s participation in 
the Memorandum of Understanding, whether under the 
provisions of 16(a) or 16(b), information obtained under this 
Memorandum of Understanding will continue to be treated 
confidentially in the manner prescribed under Article 11 and 
cooperation under this Memorandum of Understanding will 
continue among the other Authorities. 



10 

APPENDIX A 

IOSCO MMoU: List of Current Signatories 

http://www.iosco.org/about/?subSection=mmou&subSection1=signatories 



version revised May 2012 11 

APPENDIX B 

Procedures Under the Multilateral Memorandum of Understanding 
Concerning Consultation and Cooperation and the Exchange of Information 

I. Application to Become a Signatory to the MOU  

(a) All governmental regulatory bodies that are Ordinary or Associate Members of IOSCO 
are eligible to apply to participate in the MOU at any time. Applications should be 
submitted to the IOSCO Secretary General. 

(b) All applicants must provide a complete response to the questionnaire, which is included 
in Part IV of this Appendix B, and provide copies of their supporting laws, rules and 
regulations as indicated in the questionnaire. Responses should identify and explain the 
applicant’s legal authority to meet the specific MOU provisions cited in the 
questionnaire, which are essential to mutual assistance and the exchange of information 
in order to successfully enforce securities and derivatives laws. 

(c) Responses to the questionnaire will be verified by the Screening Group with 
administrative support provided by the Secretary General.  The screening group will 
establish verification teams that include members with substantial expertise in 
enforcement of securities and derivatives laws, as well as expertise in cross border 
information sharing.  The screening group has discretion to invite other IOSCO 
members to participate in the verification teams.   

(d) The verification of the questionnaire responses will be limited to verification that the 
responses accurately reflect the legal authority of members to comply with the specific 
MOU provisions cited in the questionnaire based on the laws, rules and regulations 
cited in the responses.  Based on their review of the questionnaire responses, the 
verification teams will make specific recommendations to the screening group 
concerning the ability of the applicant to comply with each MOU provision cited in the 
questionnaire. 

(e) The screening group will make recommendations concerning its verification of 
applicant responses to a decision making group.  Prior to making any negative 
recommendation on an application, the screening group will notify the applicant in 
writing, identifying the specific MOU provisions for which the applicant lacks legal 
authority.  The applicant will have an opportunity, upon request, to be heard by the 
screening group.   

(f) The decision-making group will be comprised of the Chairmen of the IOSCO Board, 
the Emerging Markets Committee, and the Monitoring Group (“Committee of 
Chairmen”).  Together, this decision-making group, after consultation with the 
Chairman of the relevant Regional Committee, will decide whether to accept or reject 
applications to become an MOU signatory based on the screening group’s 
recommendations.  Prior to making any negative decision, the decision making group 
will notify the applicant in writing, identifying the specific MOU provisions for which 
the applicant lacks legal authority.  The applicant will have an opportunity, upon 
request, to be heard by the decision-making group. 



version revised May 2012 12 

(g) Upon a decision by the decision-making group of the applicant’s legal authority to meet 
the MOU provisions cited in the questionnaire, as described in I(f) above, the applicant 
will be invited by IOSCO to be a signatory.  Appendix A will contain the names and 
signatures of all Authorities to the MOU and will be maintained and updated by the 
IOSCO Secretary General. The responses of applicants that are so invited to be 
signatories will be posted on the IOSCO members-only website. 
 

(h) Decisions of the Committee of Chairmen shall be made under the authority of the 
IOSCO Board.  However, an applicant dissatisfied with the decision of the Committee 
of Chairmen may, by written notice to the Secretary General, request that the decision 
be reviewed by the IOSCO Board.  Such request will be referred by the Secretary 
General to the next meeting of the IOSCO Board to be held at least thirty days 
following receipt of the request and shall be accompanied by such material and be dealt 
with under such procedures as the IOSCO Board may from time to time decide.  The 
IOSCO Board may confirm the original decision of the Committee of Chairmen or may 
substitute a new decision or otherwise deal with the request as it considers fit. 

 
(i) An applicant notified of a negative decision pursuant to I(f) and I(h) above, may re-

apply to become a signatory, in accordance with the procedures in Part II(e)-(g) below, 
once it obtains the legal authority that IOSCO has determined is lacking. 

 
 
II. Commitment to Become a Signatory 
 

(a) Members that do not have the legal authority to meet all the MOU provisions cited in 
the questionnaire, may nonetheless complete the questionnaire, and voluntarily express 
in their responses, where appropriate, that they are committed to seeking the legal 
authority necessary to enable them to do so.   
 

(b) All completed questionnaires will be reviewed in the same manner set forth in I(c) and 
(d) above. Such review will be limited to verification that the laws, rules, and 
regulations submitted support the member’s legal authority to meet the MOU 
provisions cited in the questionnaire.  
 

(c) The screening group will notify the members in writing of the specific MOU provisions 
for which the member lacks legal authority.  
 

(d) Members that complete the questionnaire as provided for in Part II(a) above or that 
receive notification of a negative decision as provided for in Part I(f) above, may 
express to IOSCO their commitment to obtain the legal authority to meet all the MOU 
provisions cited in the questionnaire.  Such members will be listed in an attachment to 
this Appendix B.  This list will be maintained and updated by IOSCO’s Secretary 
General. The responses of such members, with their consent, will be posted on the 
IOSCO members-only website. 
 

(e) After obtaining the legal authority identified as lacking during the verification process, 
a member may apply to become a signatory to the MOU by: (1) submitting an updated 
response to the questionnaire identifying changes to the legal authority previously 
identified as lacking; and (2) confirming the continued accuracy of all other information 
previously submitted in response to the questionnaire. 

 



version revised May 2012 13 

(f) The legal authority submitted in accordance with II(e)(1) will be verified in accordance 
with the procedures referenced in I(c) to I(g).   

 
(g) Upon verification of the legal authority submitted in accordance with II(e)(1), an 

applicant will be invited by IOSCO to be a signatory and to sign Appendix A of the 
MOU. The updated responses of such applicants will be posted on the IOSCO 
members-only website. 

 
 

III. Monitoring of the Operation of the MOU 
 

(a) In order to ensure the effective monitoring of the operation of the MOU, signatories 
will update as appropriate their responses posted on the IOSCO members-only website. 

 
(b) The MOU provides, in paragraph 12(a), for periodic consultation about certain 

significant, enumerated matters of common concern to the MOU signatories with a 
view to improving operation of the MOU.  Such consultations will be conducted by the 
MOU signatories (“monitoring group”), with administrative support provided by the 
Secretary General.  The monitoring group may establish procedures, in consultation 
wıth the IOSCO Board, to facilitate their periodic consultations.  Such procedures will 
include written notice to signatories of the issues to be considered during consultations, 
and an opportunity to be heard and respond.  The monitoring group may obtain the 
assistance of other IOSCO bodies in performing its consultation and recommendation 
functions. 

 
(c) The monitoring group has discretion to consider and recommend a range of possible 

options to encourage compliance in the event that a signatory demonstrates a change in 
its willingness or ability to meet the standards of the MOU provisions.  The options 
might include: providing a period of time for the signatory to comply; full peer review 
of a signatory that may not be in compliance; public notice of non-compliance; 
suspension of a signatory from MOU participation; or termination from MOU 
participation as provided in the MOU (section 16(b)). 

 
(d) If further action is necessary as a result of such consultations, the monitoring group will 

forward recommendations to the decision-making group comprised of the Chairmen of 
the IOSCO Board, the Emerging Markets Committee, and the Monitoring Group (as 
defined in I(f) above). The decision-making group will consider the monitoring group’s 
recommendations and, where appropriate, take action. 

 
(e) If the IOSCO decision-making group determines, following notice and an opportunity 

to be heard, that there has been a demonstrated change in the willingness or ability of a 
signatory to meet the provisions of the MOU, as provided in paragraph 12(a)(ii) of the 
MOU, the decision-making group will notify the signatory of the determination and 
provide the signatory with a written explanation of the determination.  The decision-
making group will establish procedures to provide the signatory with an opportunity, 
upon request, to be heard and seek review of the determination.  Upon a final 
determination, the decision-making group may take action to encourage the signatory’s 
compliance with the MOU, or where appropriate, the decision-making group may 
terminate the signatory’s participation in the MOU as provided in paragraph 16(b) of 
the MOU.  

 



version revised May 2012 14 

(f) Decisions of the decision-making group shall be made under the authority of the 
IOSCO Board.  In case of a decision of termination, if dissatisfied with the decision of 
the decision-making group, the member who is the subject of that decision may, by 
written notice to the Secretary General, request that the decision be reviewed by the 
IOSCO Board.  Such request will be referred by the Secretary General to the next 
meeting of the IOSCO Board to be held at least thirty days following receipt of the 
request and shall be accompanied by such material and be dealt with under such 
procedures as the IOSCO Board may from time to time decide.  The IOSCO Board may 
confirm the original decision of the decision-making group or may substitute a new 
decision or otherwise deal with the request as it considers fit. 

 
(g) Any decision involving an amendment to the MOU requires a unanimous 

recommendation from the signatories to the MOU. 
 
 

IV. Questionnaire 
 

GENERAL INSTRUCTIONS: 
 

The responses and the accompanying material (including laws, rules and regulations) 
should be provided in one of the four official languages of IOSCO (English, French, 
Spanish or Portuguese). 

 
The following questions ask for information indicating your ability to comply with the 
provisions of the IOSCO Multilateral Memorandum of Understanding cited below. 
Please provide a complete response to each question, and copies of the laws, rules and 
regulations that support each response. 

 
Responses to the questionnaire should be sent to the IOSCO Secretary General.  

 
Completed questionnaires will be reviewed by in a manner authorized by IOSCO. 

 



15

QUESTIONS: 
 
1.  Please identify and explain the general or specific provisions of your laws, rules and 

regulations (and provide copies of these provisions) that enable you, or a separate 
governmental body in your jurisdiction, to obtain:  

 
(a)  contemporaneous records sufficient to reconstruct all securities and 

derivatives transactions, including records of all funds and assets transferred 
into and out of bank and brokerage accounts relating to those transactions;  
(as required by Paragraph 7(b)(ii) of the MOU) 

 
(b)  records for securities and derivatives transactions that identify: 

(1) the client: 
i.  name of the account holder; and  
ii. person authorized to transact business; 

(2) the amount purchased or sold; 
(3) the time of the transaction; 
(4) the price of the transaction; and 
(5) the individual and the bank or broker and brokerage house that 

handled the transaction. 
(as required by Paragraph 7(b)(ii) of the MOU) 

 
(c)  information located in your jurisdiction identifying persons who beneficially 

own or control non-natural persons organized in your jurisdiction.   
(as required by Paragraph 7(b)(ii) of the MOU) 
 

2. Please identify and explain the general or specific provisions of your laws, rules and 
regulations (and provide copies of these provisions) that enable you, or a separate 
governmental body in your jurisdiction, to take or compel a person’s statement, or, 
where permissible, testimony under oath.  
(as required by Paragraph 7(b)(iii) of the MOU) 

 
3. Please identify and explain the general or specific provisions of your laws, rules and 

regulations (and provide copies of these provisions) that enable you to provide to 
foreign authorities: 

 
(a)  the information identified in 1(a) above;  
 
(b)  the information identified in 1(b) above; 
 
(c)  the information identified in 1(c) above; 
 
(d)  the information obtained through the powers described in 2 above;  and 
 
(e)  information  and documents held in your files.  

(as required by Paragraph 7(b)(i) of the MOU) 
 
4.   Please identify and explain the general or specific provisions of your laws, rules and 

regulations (and provide copies of these provisions) that enable you to provide the 
information and documents referenced in 3 above to foreign authorities in response 
to requests concerning the following: 



16

 
(a) insider dealing, market manipulation, misrepresentation of material 

information and other fraudulent or manipulative practices relating to 
securities and  derivatives, including solicitation practices, handling of 
investor funds and customer orders; 

 
(b)  the registration, issuance, offer, or sale of securities and derivatives, and 

reporting requirements related thereto;  
 
(c)  market intermediaries, including investment and trading advisers who are 

required to be licensed or registered, collective investment schemes, brokers, 
dealers, and transfer agents; and  

 
(d)  markets, exchanges, and clearing and settlement entities. 

(as required by Paragraph 7 of the MOU) 
 
5.  Please identify and explain the general or specific provisions of your laws, rules and 

regulations (and provide copies of these provisions) that enable you to provide 
assistance referenced in 4 above to a foreign authority, regardless of whether you 
have an independent interest in the matter. 
(as required by Paragraph 7 of the MOU) 

 
6.  Please identify and explain the general or specific provisions of your laws, rules and 

regulations (and provide copies of these provisions) that require maintenance of the 
following information and documents (including the period of time for which such 
information or documents are required to be maintained): 

 
(a)  information identified in 1(a) above;  
 
(b)  information identified in 1(b) above; and  
 
(c)  information identified in 1(c) above. 
 (as required by Paragraph 7 of the MOU) 

 
7.  Please identify and explain (and provide copies of) any domestic secrecy or 

blocking laws, rules and regulations that relate to the collection for, or provision to, 
foreign authorities of: 

 
(a)  the information identified in 1(a) above;  
 
(b)  the information identified in 1(b) above; 
 
(c)  the information identified in 1(c) above;  
 
(d)  the information identified in 2 above; and  
 
(e)  the information identified in 3(e) above. 

(As required by Paragraph 6(b)of the MOU) 
 
 
 



17

8. Please identify and explain (and provide copies of) any specific or general
provisions of your laws, rules and regulations which restrict or limit the following
uses by foreign authorities of information and documents identified above in 1(a)-
(c), 2 and 3(e) provided by you:

(a)  for the purpose of ensuring compliance with (including investigation of 
potential violations of) laws and regulations related to: 

(1) 4(a) above; 
(2) 4(b) above; 
(3) 4(c) above; and 
(4) 4(d) above. 

(b)  for the purpose of conducting a civil or administrative enforcement 
proceeding, assisting in a self-regulatory organization's surveillance or 
enforcement activities or assisting in a criminal prosecution.  
(As required by Paragraph 10(a) of the MOU). 

9. Please identify and explain (and provide copies of) any general or specific
provisions of your laws, rules and regulations that provide for the confidentiality of:

(a)  requests for assistance made to you by foreign authorities, the contents of 
such requests, and any matters arising under such requests, including 
consultations between or among the authorities, and unsolicited assistance; 
and  
(As required by Paragraph 11(a)of the MOU) 

(b)  documents and information received from foreign authorities. 
(As required by Paragraph 11(b) of the MOU) 

____________

Members Listed in the IOSCO MOU Annex B
 
http://www.iosco.org/about/?subSection=mmou&subSection1=signatories 

http://www.iosco.org/about/?subSection=mmou&subSection1=signatories
Roberto
Underline



18 

APPENDIX C 

FORM FOR DRAFTING 
REQUESTS FOR INFORMATION  

This request is being made pursuant to the provisions of the IOSCO MOU concerning 
consultation and cooperation and the exchange of information. 

Description of the facts underlying the investigation: 

entities/individuals involved and whether regulated or not by the Requesting
Authority

type of scheme

location of investors

location of affected markets and whether regulated or not by the Requesting
Authority

timeframe of the suspected misconduct

nature of the suspected misconduct

location of assets

chronology of relevant events

Describe how the information requested will assist in developing the investigation. 

Description of uses for which assistance is sought, if other than in accordance with the 
provisions of the MOU. 

Description of the information needed or assistance sought (e.g., account opening 
documents, periodic account statements, trade confirmations, etc.). 

Time period for which documents should be gathered. 

Information useful for identifying the relevant documents (e.g., account number, name, 
address, date of birth of account holder, names of entities believed to control the 
accounts). 

Information useful for identifying the individual(s) from whom statements are needed 
(e.g., name, address, date of birth of individual, telephone number). 

Sources of information (e.g., regulated individuals and entities, investors, 
knowledgeable insiders). 



19

Preferred form in which information should be gathered. 

Indication of wish to participate in any interview. 

Special precautions. 

Dates of previous requests in this matter. 

Laws and regulations: 

provisions of the securities or derivatives laws that may have been violated

brief description of the provisions

explanation of how the activities being investigated may have constituted
violations of such provisions

Responsibility for administering and enforcing the securities or derivatives laws. 

Desired time for a reply. 

Preferred manner in which information is to be transmitted (e.g., telephone, courier, e-
mail, computer disk and format). 

Contact information : 

name of contact

telephone and fax numbers

e-mail address

Other relevant information. 


	mou_appendix_a
	ADP178.tmp
	CONCERNING CONSULTATION AND COOPERATION
	AND THE EXCHANGE OF INFORMATION
	MAY 2002
	DEFINITIONS



	mou_appendix_b
	ADP6643.tmp
	I. Application to Become a Signatory to the MOU
	III. Monitoring of the Operation of the MOU


	mou_appendix_c
	appendix a.pdf
	ADP453B.tmp
	CONCERNING CONSULTATION AND COOPERATION
	AND THE EXCHANGE OF INFORMATION
	MAY 2002
	DEFINITIONS


	ADP9FBC.tmp
	CONCERNING CONSULTATION AND COOPERATION
	AND THE EXCHANGE OF INFORMATION
	MAY 2002
	DEFINITIONS


	ADPC84.tmp
	I. Application to Become a Signatory to the MOU
	III. Monitoring of the Operation of the MOU


	page 10.pdf
	ADP178.tmp
	CONCERNING CONSULTATION AND COOPERATION
	AND THE EXCHANGE OF INFORMATION
	MAY 2002
	DEFINITIONS