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1.Signed on January 31, 2007; Entered into force on January 31, 2007.
The BSP and FSC have established arrangements for sharing
supervisory information on firms, their subsidiaries and
affiliates which have banking operations in each other's
jurisdiction. These will be known as 'relevant firms'.

1.The BSP will endeavour to notify the FSC and provide relevant
information regarding any material supervisory concern that it
has about any of the relevant firms.
2.The FSC will endeavour to notify the BSP and provide relevant
information regarding any material supervisory concern that it
has about any of the relevant firms.
For this purpose the term 'material supervisory concern' will
encompass any matter relating to
a)whether the operations of the relevant firms are conducted
in a safe and sound manner and in compliance with applicable
b)whether there has been evidence of any material violation of
the law; or
c)events that would have a material adverse effect on the
finances of the relevant firms, including any of its
affiliates or associates.
3.If remedial action is called for to deal with a material
supervisory concern at any of the relevant firms, the BSP and
FSC will endeavour to co-operate with each other prior to
taking the appropriate action; or if prior co-operation is not
possible, will notify each other as soon thereafter as
4.As appropriate, representatives of the BSP and FSC may meet
periodically to discuss general supervisory developments as
well as issues concerning the relevant firms in each other's
jurisdictions and would discuss any material findings that
emerge from such visits.
5.Any confidential supervisory information shared pursuant to
this Memorandum will be used by the recipient only for lawful
supervisory purposes. To the extent permitted by respective
domestic laws the BSP and FSC shall hold confidential all
information received from the other and will not disclose such
information without the prior agreement of the other
6.This Memorandum takes effect from the latest date entered
below subject to modification or nullification by the mutual
consent of the BSP and FSC.
7.This Memorandum of understanding is a statement of intent of
the BSP and FSC and does not create any binding legal


Deputy Governor
Date: _____________ Date: _____________