Recital 57

(57) Effective cooperation with the supervisory authorities of third countries concerning the exchange of information with those authorities and the enforcement of obligations under Regulation (EU) 2017/1129 in third countries is necessary to protect investors in the Union and ensure a level playing field between issuers established in the Union and third-country issuers. In order to ensure an efficient and consistent exchange of information with supervisory authorities, the competent authorities of the Member States or ESMA, upon the request of at least one competent authority, should establish cooperation arrangements with the relevant supervisory authorities of third countries, and the Commission should be empowered to determine the minimum content and the template to be used for such arrangements. Furthermore, ESMA should facilitate the coordination of the development of cooperation arrangements between competent authorities and the relevant supervisory authorities of third countries and, where necessary, the distribution to competent authorities of the information obtained from supervisory authorities of third countries that might be relevant to measures to be taken under Articles 38 and 39 of Regulation (EU) 2017/1129. However, in order to ensure investor protection, it is necessary that third countries that are in the EU list of non-cooperative tax jurisdictions for tax purposes or the list of jurisdictions which have strategic deficiencies in their national anti-money laundering and in countering the financing of terrorism regimes that pose significant threats to the financial system of the Union should be excluded from such cooperation arrangements.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-17 · Text as adopted (Official Journal); later amendments are not incorporated in this text.