Common use of Cooperation on Enforcement Clause in Contracts

Cooperation on Enforcement. 1. This MMoU complements, but does not alter the terms and conditions of the IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (IOSCO MMoU), to which each of the Authorities is a signatory. As such, assistance for enforcement purposes should be provided in accordance with the provisions of the IOSCO MMoU where applicable. In addition, the Authorities agree that assistance should also be provided in the circumstances listed in paragraph (2) below. 2. The Requested Authority should, as far as its applicable legislation permits, assist the Requesting Authority where it is necessary to enforce the Laws and Regulations breached or suspected to have been breached by a Covered Entity established in the jurisdiction of the Requested Authority. In particular, this assistance should be provided by the Requested Authority at least when the Requesting Authority has: a) required a Covered Entity to cease any practice that is contrary to the requirements set out in the Laws and Regulations applicable in the jurisdiction of the Requesting Authority or to which it committed to comply within the jurisdiction of the Requesting Authority; b) requested the freezing or the sequestration of assets of a Covered Entity or its clients, or a Remote Member; c) requested existing recordings of telephone conversations, electronic communications or data traffic records held by a Covered Entity; d) requested existing data traffic records held by a telecommunications operator; e) requested the lists of Persons having access to inside information drawn up - pursuant to the Laws and Regulations - by Persons located in the Requested Authority’s jurisdiction; f) requested a temporary or permanent prohibition from carrying out a professional activity in relation to a Covered Entity or a Person; g) adopted any type of measure, including those adopted on an urgent or precautionary basis, to ensure that a Covered Entity or a Person continues to comply with the requirements set out in the Laws and Regulations or otherwise applicable to it or that market transparency, efficiency, integrity, orderly trading, as well as market confidence and investor protection are preserved; h) suspended or removed a financial instrument from trading; i) prohibited trading of a financial instrument; j) suspended the issuance, repurchase or redemption of financial instruments of Covered Entities established in the jurisdiction of the Requested Authority; k) taken measures to ensure that the public is correctly informed; l) suspended or prohibited the marketing, offer to the public or sale of financial instruments or structured deposits; m) adopted product intervention measures; n) imposed sanctions on a Person as a consequence of a breach of the Laws and Regulations applicable in the jurisdiction of the Requesting Authority; o) prohibited, restricted or imposed conditions on Persons entering into short sales or any other transaction which creates, or relates to, a financial instrument and the effect or one of the effects of that transaction is to confer a financial advantage on the Person in the event of a decrease in price; p) restricted the ability of Persons to enter into sovereign credit default swap transactions or limited the value of sovereign credit default swap positions that those Persons are permitted to enter into. 3. In the cases referred to in paragraph (2) above, the safeguards on the sharing, confidentiality, and permissible use of information provided in the IOSCO MMoU apply.