Common use of Cooperation and Information Sharing Clause in Contracts

Cooperation and Information Sharing. 52. The MA and the IA may disclose information to each other pursuant to the applicable provisions of section 120 of the BO and section 53A of the IO. 53. The Parties agree that they will without prejudicing their own functions, consult one another as soon as reasonably practicable on any issues which might have significant implications for the other Party, and endeavour to share with the other Party information that may affect the functions of the other Party. Such information may include, but is not limited to, the following:- (a) information concerning the safety and soundness of the relevant financial groups; (b) information provided by home supervisors of the financial groups; (c) any material concern about the financial groups; (d) any co-ordinated supervisory action which may be necessary by more than one relevant supervisor in relation to the financial groups; and (e) relevant data and information to facilitate high-level, off-site monitoring of activities that are of mutual regulatory interest to the Parties. 54. If either Party notes a change in the condition of an entity under its supervision that could threaten the financial stability of the financial groups of which such entity is a part, the Party noting the change will endeavour to notify the other Party of the relevant details immediately. Where necessary, the Parties shall meet as soon as reasonably practicable to discuss a co-ordinated supervisory response.