The Monetary Authority of Macao (AMCM) is pleased to advise that on 2 November 2011 the International Association of Insurance Supervisors (IAIS) endorsed the accession of AMCM to the Multilateral Memorandum of Understanding (MMOU), which governs the basic cooperation requirements relating to the exchange of confidential information and the assurance that such information will only be deployed in the process of supervision.

The MMOU of the IAIS and the other similar agreements concluded between the signatories who are financial entities have arisen from a motion of the Financial Stability Board (FSB) established under the auspices of the G20. The formulation of all the agreements is one of the core working objectives laid down by the FSB with a view to enhancing mutual coordination and cooperation in the realm of supervision in response to the global financial crisis.

AMCM is the 20th signatory of the MMOU as accepted by the IAIS. The IAIS was founded in 1994. Its members come from 140 countries covering over 190 jurisdictions. The prime objective of the organization is to promote cooperation among all its member supervisors with a view to exchanging information, collecting and disseminating statistical data and other technical materials.