The Financial and Capital Market Commission of Latvia and the Central Bank of Cyprus have updated their memorandum of understanding on banking supervision.
The memorandum of understanding defines a general framework of mutual cooperation and exchange of information between the two supervisory authorities.
The original memorandum of understanding was signed in 2003, prior to the accession of both countries to the EU, and the updated arrangements take account of both countries' EU membership and of recent developments in the field of banking supervision.
The Central Bank of Cyprus has signed memoranda of understanding with 19 overseas authorities in the field of banking supervision and negotiations are in progress with several others.
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