The Bank of Italy and the Banco Central do Brasil signed a Memorandum of Understanding (MoU) to facilitate the performance of their respective duties in ensuring the safe and sound functioning of their supervised entities.
This legally non-binding agreement updates and replaces the one signed in 2012 and provides a framework for effective cooperation and information exchange between the two authorities including, among other things, procedures for conducting on-site inspections on the premises of supervised entities physically located in the jurisdiction of the other authority.
