Memorandum of Understanding between CySec and the Central Bank of Russia

The Cyprus Securities and Exchange Commission (CySEC) signed on the 25th of February an updated Memorandum of Understanding with the Bank of Russia, following the transfer of powers of the Federal Financial Markets Service (FFMS) to the Bank of Russia.

Among others, the updated Memorandum of Understanding provides for:

  • the exchange of information between the two regulators, in order to facilitate the communication and supervise more efficiently the violations of the  regulations and laws.
  • anti-money laundering (AML) and tax-evasion preventative practices.
  • the enhancement of transparency.

The agreement was signed in Moscow, in the presence of the presidents of Cyprus and Russia, by CySEC chairwoman Mrs. Demetra Kalogerou and the governor of the Bank of Russia, Mrs. Elvira Nabiullina.

For more information on the said Memorandum of  Understanding, you can get in touch with our Regulatory Advisory Team.