TEHRAN -- Tuesday, 2.5.2016 -- The signing ceremony for Memoranda of Understanding in the field of banking supervision was held in Central Bank of Iran with the presence of Dr. Komijani, Deputy-Governor of CBI and Eun Bo Jeung, Vice Chairman of Financial Services Commission (FSC) and Sae-Chun Park, senior deputy-Governor of Financial Supervisory Service (FSS).

According to CBI PR dept, due to tendency of banking officials and regulators from various countries to form banking and supervisory relations with CBI in post-JCPOA era, in the recent months, numerous negotiations were made between the CBI officials and the said countries' regulatory. Hereof, S. Korean and CBI supervision and regulatory departments presented an MoU draft on banking supervision. After CBI officials’ joint meetings with FSS and FSC, parties reached an agreement on the text of MoU. Moreover, legal procedures were taken in order to get this MoU signed and competent authorities including Vice-Presidency of Laws and Regulations and the Director General for East Asia and Pacific Affairs of Ministry of Foreign Affairs cooperated.
 

This MoU is considered to be one of the most important pre-conditions to establish, operate and oversee cross-border banking activities. This MoU includes topics on appointment of competent supervisory officials, extent of supervisory co operations, exchange of supervisory information, cooperation in the implementation of cross-border supervision and inspection of financial units deployed in the two countries, confidentiality of supervisory information, seminars and joint training programs, resolving disputes, technical assistance and the exchange of personnel.
With the visit of S. Korean president of our country and signing of various agreements in the fields of economy, banking, industry, energy etc, it is hoped that signing this MoU by senior officials at CBI and S. Korean supervisory bodies provokes expansion of banking and economic co operations.