“ Based on the results of the assessments made by the Relevant Parties regarding the systemic implications of the crisis, the Cross-Border Coordinator is responsible for working towards a common understanding about the severity of the crisis on a cross-border basis and keep the Relevant Parties informed of the crisis situation; and propose which level of involvement is required by the Relevant Parties in the decision making process in the particular circumstances. In parallel, it is the responsibility of each host country to assess the significance of problems in their domestic markets. ”
Summary
“MEMORANDUM OF UNDERSTANDING ON COOPERATION BETWEEN THEFINANCIAL SUPERVISORY AUTHORITIES, CENTRAL BANKS AND FINANCE MINISTRIES OF THE EUROPEAN UNIONON CROSS-BORDER FINANCIAL STABILITY 1 June 2008 — ANNEX 1 TO THE MEMORANDUM OF UNDERSTANDING: COMMON PRACTICAL GUIDELINES FOR CRISIS MANAGEMENT ATTACHMENT TO THE COMMON PRACTICAL GUIDELINES: EXAMPLE OF A VOLUNTARY SPECIFIC COOPERATION AGREEMENT”, is a work by . It explores elements such as crisis, the Cross-Border Coordinator and assessment.
Quotes from MEMORANDUM OF UNDERSTANDING ON COOPERATION BETWEEN THEFINANCIAL SUPERVISORY AUTHORITIES, CENTRAL BANKS AND FINANCE MINISTRIES OF THE EUROPEAN UNIONON CROSS-BORDER FINANCIAL STABILITY 1 June 2008… ()
“ In particular, a crisis situation affecting a publicly listed financial group should be addressed rapidly enough to allow legally required transparency rules to be fulfilled in the light of legal obligations of the institutions and the Parties. ”
“ In particular, in the event that the financial viability of the issuer is in grave and imminent danger, although not within the scope of the applicable insolvency law, public disclosure of information may be delayed for a limited period where such a public disclosure would seriously jeopardise the interest of existing and potential shareholders by undermining the conclusion of specific negotiations designed to ensure the long-term financial recovery of the issuer. ”
