BaFin signs memoranda of understanding with other supervisory authorities to encourage cooperation with such organisations (MoUs; see the Appendix on page xy). In 2017, BaFin signed an MoU with the Israel Securities Authority (ISA), which now gives the two authorities a basis for cooperating on securities supervision, and prospectus supervision in particular. BaFin is in the process of negotiating further MoUs.

Technical cooperation

BaFin and the Deutsche Bundesbank held a joint seminar on the performance of the bond market and the strengthening of the banking system at Cameroon's securities supervisor, the Commission des Marchés Financiers (CMF), to name but one example. In the EU Twinning Project for the Republic of Montenegro, BaFin has assumed the project lead. Together with the supervisory authorities of Croatia and the Netherlands as well as the Deutsche Bundesbank, BaFin is providing support to Montenegro in the two-year project aimed at aligning its legislation with the totality of EU law. In addition to steering the project, BaFin's key task involves supporting the country in developing a supervisory system for the insurance and securities sector. The banking sector is covered by the Bundesbank and the Croatian National Bank (Hrvastka Narodna Banka).

As a member of the European Supervisor Education Initiative (ESE), BaFin also hosted specialist seminars on the issues of consumer protection and supervisory colleges in 2017.

Multilateral cooperation

BaFin supports the introduction of the Enhanced Multilateral Memorandum of Understanding (EMMoU) of the International Organization of Securities Commissions (IOSCO) and continued to actively pursue its implementation in 2017. The core element of the EMMoU is the ACFIT powers (see info box "ACFIT powers" on page xy). They comprise rules for obtaining audit work papers, compelling attendance for testimony, advice on freezing assets on behalf of a foreign supervisor, and obtaining and sharing internet service provider and telephone records.