The Securities and Exchange Commission and the Commissione Nazionale per le Società e la Borsa (CONSOB) today announced the signing of a Memorandum of Understanding (MOU) concerning consultation, cooperation and the exchange of information regarding the supervision of regulated entities that conduct financial services business in the U.S., Italy, or both.

The MOU enhances the ability of the SEC and of the CONSOB to consult, coordinate, and share supervisory information with each other and facilitates the respective cross-border examinations of regulated entities.

SEC Chairman Jay Clayton said, "Today's MOU reaffirms the importance of cross-border collaboration with respect to the oversight of our respective registrants. Effective cooperation will benefit each of our financial markets and investors."

CONSOB Chairman Paolo Savona said, "Cross border supervision and oversight is at the forefront of the activity of securities regulators and this MOU is an important step forward."