AFN has signed a memorandum with the Financial Supervision of Turkey for the exchange of supervisory information on banks

/IRBIS, February 19, 2010/ - Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations (AFS) and the Agency for Banking Supervision and Regulation of the Republic of Turkey signed a memorandum of understanding on banking supervision, - said in the statement issued on February 18, by AFS. The report stated that the memorandum was signed on August 28, 2009 in Ankara. As stated, the memorandum provides for the organization of effective interaction and exchange of information on topical issues of banking supervision, the development of surveillance activities in accordance with international principles and rules in force in this area. The purpose of the Memorandum is to develop organizational and legal bases for the effective implementation by Parties of its oversight activities, including enhancing the efficiency of cross-border inspections of financial institutions and parent organizations within the consolidated supervision. "As part of this document, the parties on agreed terms, provide each other supervisory or other information concerning the activities of cross-border establishments and financial institutions, called, respectively, the second-tier banks in Kazakhstan, and financial organizations in the Republic of Turkey, as well as the cooperation and assistance in mutually beneficial basis on other issues of consolidated supervision", - stated in the message. Reportedly, any information provided in accordance with the memorandum, should be used lawfully and only for supervisory purposes. "The Parties shall adopt adequate legal and organizational-technical measures to ensure the protection of information or documents when sending it to each other, including telecommunication facilities, use and storage", - stated in the message. AFN has signed a memorandum with the Financial Supervision of Turkey for the exchange of supervisory information on banks [2010-02-19]