Common use of Scope of Cooperation Clause in Contracts

Scope of Cooperation. 2.1 This MoU covers the cooperation and the exchange of information between the Participants as laid down in the following paragraphs in the areas where: (a) both Participants have direct responsibilities with regard to Entities in accordance with Article 4(1) of the SSM Regulation and Article 7(2)(a) of the SRM Regulation respectively; (b) the ECB is exclusively competent to carry out, for prudential supervisory purposes, the tasks in accordance with Article 4(1)(a) and (c) of the SSM Regulation in relation to the entities and groups under the direct responsibility of the SRB in accordance with Article 7(2)(b) of the SRM Regulation, and Article 7(4)(b) and (5) where the conditions for the application of those provisions are met; 2.2 Notwithstanding the paragraphs of this MoU, both Participants may commonly agree on further cooperation and exchange of information on a regular or case-by-case basis, including in other areas, where deemed necessary by both Participants.