PRINCIPLES AND INTERPRETATION. 2.1 This MOU sets out certain administrative and operational arrangements among the four regulators regarding the exercise of their respective functions under the Ordinance concerning the regulation of regulated persons. 2.2 Subject to applicable laws and the FRs’ respective regulatory regimes, this MOU is one of various measures for ensuring, as far as possible, regulatory consistency and a level playing field in the regulation of regulated persons by the four regulators. 2.3 The FRs will use their best endeavours to follow the arrangements set out in this MOU in a manner consistent with their respective regulatory regimes, in recognition of the institution-based approach which has been adopted for the regulation of regulated persons. 2.4 This MOU is subject to, and does not modify or replace, any applicable laws, rules and regulatory requirements and does not create any rights enforceable by the parties or by any third party. 2.5 Unless otherwise specified, the following abbreviations are used in this MOU:
Appears in 4 contracts
Samples: Memorandum of Understanding, Memorandum of Understanding, Memorandum of Understanding
