Article 71

The Union and the OCTs shall promote regulatory convergence with recognised international standards on regulation and supervision in the area of financial services including: the Basel Committee’s ‘Core Principle for Effective Banking Supervision’, the International Association of Insurance Supervisors’ ‘Insurance Core Principles’, the International Organisation of Securities Commissions’ ‘Objectives and Principles of Securities Regulation’, the OECD’s ‘Agreement on exchange of information on tax matters’, the G20 ‘Statement on Transparency and exchange of information for tax purposes’, the Financial Stability Board’s ‘Key Attributes of Effective Resolution Regimes for Financial Institutions’ and the Financial Action Task Force’s ‘International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation — the FATF Recommendations’. Where it is appropriate to do so, or at the request of the OCTs concerned, the Union and the OCTs may make efforts to promote greater alignment of OCTs legislation with Union Legislation on financial services.

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Source: EUR-Lex (Cellar) · retrieved 2026-11-02 · Text as adopted (Official Journal); later amendments are not incorporated in this text.