STATEMENT OF INTENT 

MADEBYTHE 

UNITED STATES COMMODITY FUTURES TRADING COMMISSION 

AND.THE 

IRISH FINANCIAL SERVICES.REGULATORY.AUTHORITY 

CONCERNING CONSULTATION 

AND COOPERATION IN THE 

ADMINISTRATION AND ENFORCEMENT OF 

FUTURES LAWS 

March 17, 2004 
The United States Commodity Futures Trading Commission and the Irish -) 

Financial Services Regulatory Authority on behalf of the Central Bank and 

Financial Services Authority of Ireland, reco_gnising increased international 

activity in futures transactions and the corresponding need for mutual 

cooperation between relevant authorities, have reached the ·following non·legally 

binding understanding. 

DEFINITIONS 

For the purposes of this Statement !Jf Intent 

1. "Authority" means: 

(a) the CommoditY Futures !~ding Commission of the United States; 

or 

(b) the Irish Financial Services Regulatory Authority. 

2. "Requested Authority" means an Authority to whom a request is made 

under this Statement of Intent. 

3. "Requesting Authority" means an Authority making a request under this 

Statement of Intent. 

4. "Futures Contract" means a futures or options transaction. regulated or 

subject to regulation by the Authorities whether transacted over-thecounter or on or subject to the rules of an exchange or market. 

5. ..Futures Business" includes, among others, any person involved in: the 

offer, purchase or sale of Futures Contracts for the account of others; the 

purchase or sale of Futures COntracts for one's own account; advising 

others for compensation, directly or through media, regarding the offer, 

purchase or sale of Futures. Contracts; the management, promotion, offer 

or sale of collective investment schemes · invoMng Futures Contracts; or. 

equivalent activities. The definition of a Futures Business also includes 

persons, among others, acting in the capacity of commodity trading 

advisors, commodity pool operators, futures commission merchants, 

introducing brokers, associated persons, floor brokers and floor traders. · 

6. ·Futures Market" means an exchange or other market, including an overthe-counter market, for Futures Contracts that is recognized, supervised 

or subject to regulation by the Authoriti~s. 

7. "Futures Processing Business"' means a clearing organization for Futures 

Contracts. 

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8. ·Laws, Regulations, and/or Requirements" means the provisions of the 

laws of the United States and/or Ireland, the regulations promulgated 

thereunder. and other regulatory requirements that fall within the 

jurisdiction of the Authorities. concerning Futures Contracts. 

9. "Person• means a natural person, unincorporated association, 

partnership, trust, · body corporate, or government - or a political 

subdivision, agency, instrumentality or equivalent authority of a 

government. 

10. "Self-Regulatory Organization" means an organization empowered by a 

government to administer or enforce a law, rule, or regulation as it relates 

to a futures or options matter 

11. Except as provided in paragraphs 1 through 10, for the purposes . of a 

· request· for assistance made pursuant to this Statement of Intent. the 

Authorities will define terms in accordance with the relevant laws of the 

Requesting Authority's jurisdiction, unless such definition would require 

the Requested Authority to exceed its legal authority, or otherwise would 

be prohibited by the law of the Requested Authority's jurisdiction. In any 

case where such definition of a term would require the Requested 

Authority to exceed its legal authority or otherwise would be prohibited by 

the law of the Requested Authority's jurisdiction, the Authorities will 

consult in accordance with paragraph 19. 

ESTABLISHMENT OF A FRAMEWORK FOR CONSULTATIONS REGARDING 

MATTERS OF MUTUAL INTEREST . 

12. The Authorities intend to consult periodically about matters of mutual 

concern. Such consultation will be undertaken in the interest of improving 

cooperation to avoid the conflicts that may arise from the application of 

differing regulatory laws, regulations and practices, and to enhance: the 

efficiency and integrity of the Futures Markets of the United States and 

Ireland; the protection of investors and customerS; appropriate market 

oversight; ·and the effective performance by the Authorities of their 

respective functions regarding the Laws, Regulations, and/or 

Requirements of the United States and Ireland. 

MUTUAL ASSISTANCE AND THE EXCHANGE OF INFORMATION 

13. General Principles regarding Mutual Assistance and the Exchange of 

lnfonnation 

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(a) This Statement of Intent sets forth the Authorities' intent with regard 

to mutual assistance and the exchange of information for the 

purpose of enforcing and securing compliance with the respective 

laws, Regulations and/or Requirements of the Authorities. This 

Statement of Intent does not create legally binding obligations on 

either Authority or supersede domestic laws. This Statement of 

Intent does not create any rights enforceable by third parties, nor 

does it affect any arrangements under other Memoranda of 

Understanding. 

(b) This Statement of Intent does not prohibit an Authority from taking 

measures other than those described herein to obtain information 

necessary to ensure enforcement of or compliance with the laws, 

Regulations, and/or Requirements applicable in its jurisdiction. 

(c) This Statement of Intent does not confer upon any Person not 

defined as an Authority within this Statement of Intent, the right or 

ability directly or ~indirectly to obtain, suppress or exclude any 

:information or to challenge the execution of a request for 

assistance under this Statement of Intent. · 

(d) The Authorities recognize . the importance and desirability of 

exchanging assistance and infonnation for the purpose of enforcing 

and securing compliance with the laws,. Regulations and/or · · "· 

Requirements applicable in their respective jurisdictions. However, ) 

a request for assistance may be denied by the Requested 

Authority: 

(i) where the request would require the Requested Authority to 

act in a manner that would violate its domestic law; 

(ii) where the request is not made in accordance with the 

provisions of this Statement of Intent; or 

(iii) on grounds C?f public interest 

Where a request for assistance is denied, or where assistance is not 

available under its domestic law, the Requested Authority will provide the 

reasons for not granting the· assistance and consult pursuant to paragraph 

19. 

14. Scope of. Assistance 

(a) The Authorities will, within the framework of this Statement of 

Intent, provide each other with the fullest assistance permissible 

under the Jaws of the United States and Ireland. Such assistance 

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will be provided . in order to facilitate: market oversight including 

market and financial surveillance; the granting of licenses, 

authorizations, waivers or exemptions for the conduct of Futures t . 

Businesses and Futures Processing Businesses; the supervision of 

Futures Businesses and Futures Processing Businesses; the 

inspection of Futures Businesses and Futures Processing 

Businesses; the investigation, litigation or prosecution by the 

Authorities of activity that potentially violates the Laws, Regulations 

and/or Requirements applicable in their respective jurisdictions; 

and any other matters that the· Authorities deem appropriate. 

Assistance will be provided without regard to whether the activity 

described in the request for assistance would ·constitute a violation 

of the futures laws or regulations applicable in the jurisdiction of the . 

Requested Authority. 

(b) The assistance available upon request under this Statement of 

Intent includes, but is not limited to, providing information held in 

the files of the Requested Authority; and, if assistanc~ is requested 

in connection with an investigation or proceeding to enforce the 

laws and regulations administered by the. Requesting Authority: 

(i) taking statements of Persons; 

(ii) obtaining information and documents fro·m Persons: 

(iii) inspecting or examtmng futures contracts, futures 

businesses, and futures processing businesses; and 

(iv) conducting compliance inspections or examinations of 

futures businesses, futures processing businesses, and 

futures markets. 

(c) The Authorities recognize that they may not in all circumstances 

possess the legal authority to provide the assistance or information 

referred to in paragraph ·14. In such circumstances, the Authorities 

will use all reasonable efforts to obtain the aid of such other 

governmental agencies that can· provide the assistance or 

information described in paragraph 14. 

15. Requests For Assistance 

(a) Requests for assistance will be made in writing and will be 

addressed to the Requested Authority's contact officer listed in 

.Appendix A. 

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(b) Requests for assistance will include the following: 

(i) a general description of both the subject matter of the 

request and the purpose for which the assistance or 

information is sought; . 

(ii) a general description of the assistance, documents, · 

information, or statements sought by the Requesting 

Authority; 

(iii) any information known to or in the possession of the 

Requesting Authority that might assist the Requested 

Authority in identifying either the Persons believed to possess 

the information or documents sought or the places where 

such information may be obtained; 

(iv) the laws, Regulations and/or Requirements pertaining to the 

subject matter of the request; and 

(v) the desired time period for the reply. 

(c) In urgent circumstances, requests for assistance, and the response 

to· such requests, may be effected by telephone or facsimile, 

provided such communication is confirmed in writing. 

16. Execution of Requests for Assistance 

(a) Information held in the files of the Requested Authority will be 

provided to the Requesting Authority upon request. · 

(b) The Requested Authority will provide to the Requesting· Authority 

the requested information or documents that the Requested 

Authority obtains from (i) any Person designated by the Requesting 

Authority or (ii) any other Person who may possess, have custody 

of, or control over, the requested information or documents. 

(c) Upon request, the- Requested Authority will take the ~tatements of 

any Person involved, directly or indirectly, in the activities that are 

the subject matter of the request for assistance or in possession of 

information that may assist in the execution of the request.. The 

Requested Authority will make a transcript of any stat9A1ent it takes 

on behalf of the Requesting Authority. 

(d) Unless otherwise decided by the Authorities, information and 

documents requested under this Statement of Intent will be 

gathered in accordance with the procedures applicable in the 

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jurisdiction of the Requested Authority and by Persons designated 

by the Requested Authority. 

(e) Notwithstanding paragraph 16(c), any Person providing a 

statement pursuant to a request for assistance under this 

Statement of Intent will have the right to have counsel present. 

(f) Notwithstanding any other provision of this Statement of Intent, any 

Person providing a statement, information, or documents as a 

result of a request for assistance under this_ Statement of Intent will 

be entitled to all rights and privileges applicable in the jurisdiction of 

the Requested Authority. Assertions regarding rights and privileges 

arising exclusively under the laws applicable in the jurisdiction of 

the Requesting Authority will be preserved for consideration by the 

courts in that jurisdiction. 

(g) Upon request. the Requested Authority will inspect specified books, 

records, Futures Busine~ses, or Futures Processing Businesses. 

(h) If it appears that responding to a request for assistance under this 

Statement of Intent will involve . substantial cost, . the Requested 

Authority may, as a condition to executing the request, ask the 

Requesting Authority to make a contribution to such cost in an 

amount decided upon by the Authorities. 

17. Permissible Uses of Information 

(a) The Requesting Authority may use non-public information furnished 

in response to a request for assistance under this Statement of 

Intent solely: 

(i) for the purpose stated in the request for assistance with respect 

to ensuring compliance with or enforcement of the Laws, 

Regulations and/or Requirements applicable in the jurisdiction 

of the Requesting Authority, including the legal provisions 

specified in the request and related provisions; and 

(ii) for a purpose within the general framework of the use stated in 

the request for assistance, including conducting a civil or 

administrative enforcement proceeding. assisting in a selfregulatory organization's surveillance or enforcement activities. 

(insofar as it is involved in the supervision of trading or conduct 

that is the subject of the request)~ assisting in a criminal 

prosecution, or conducting any investigation for any general 

charge applicable to the violation of the provisions specified in 

the request where such general charge pertains to a violation of 

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the Laws, Regulations, and/or Requirements administered by ,.~ 

the Requesting Authority. l 

(b) Before using non-public information furnished under this Statement 

of Intent for a purpose other than those stated in paragraph 17(a). 

the Requesting Authority must first inform the. Requested Authority 

of the intended use. The Requested Authority will advise its views 

within 14 days and, if necessary, the Authorities wlll consult pursuant 

to the provisiOns of paragraph 19 to discuss the reasons for any 

denial by the Requested Authority over such intended use and the 

circumstances under which the intended use might otherwise be 

allowed. Fourteen-day advance notifiCation need not be provided 

where disclosures are made . to Persons having the legal power to 

compel disclosure; in such cases, notification will be provided 

according to paragraph 18( c). 

18. Confidentiality 

(a) The Requesting Authority will not disclose non-public information 

received under this Statement of Intent except as contemplated by 

paragraph 17 or pursuant to a legally enforceable demand or 

obligation, or in connection with an adjudicatory action or 

proceeding brought under the laws applicable in the jurisdiction of 

the Requesting Authority to which the Requesting Authority or its 

·. government, or a political subdivision thereof, is a party. 

(b) Notwithstanding the provisions of ·paragraph 18(a), each Authority 

will keep confidential, to the extent permitted by law, requests 

made pursuant to this Statement of Intent, consultations between 

the Authorities (including consultations under paragraph 12), and 

unsolicited assistance under paragraph 20, unless: 

(i) such disclosure is absolutely necessary to carry out a request; or 

(ii) the other Authority waives such confidentiality. 

Consultations between the Authorities include, but are not UmHed to, 

correspondence and other exchanges in which the Authorities share 

investigative analyses, progress, procedures or strategies. 

(c) To the extent possible: the Requesting Authority wfll notify the 

Requested Authority of any legally enforceable demand for nonpublic information furnished under this Statement of Intent prior to 

compliance, and will assert such appropriate legal exemptions or 

privileges with respect to such information as may be available. 

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(d) To the extent permitted by law, the Authorities may by mutual 

written consent make an exception to the principles set forth in· 

paragraph 18(a) and (b). 

(e) In response to a request by the Requested .Authority, and to the 

extent permitted by law, as soon as the Requesting Authority has 

terminated the matter for which assistance has been requested 

under this Statement of Intent, it will return to the Requested 

Authority all documents and copies thereof not already disclosed in 

proceedings referred to in paragraph 17(a) and other material 

disclosing the contents of such documents, other than material that 

is generated as. part of the investigative, deliberative or internal 

analytical process of the Requesting Authority. . 

19. Consultation Regarding Mutual Assistance and the Exchange of 

Information · 

(a) In any case of dispute over the interpretation of this Statement of 

Intent, the Authorities will consuH each other with a view to reaching 

a mutually acceptable interpretation. 

{b) ·The Authorities will eonsult with each other regarding this 

Statement of Intent with a view to improving its operation and 

resolving any matters that may arise. In particular, the Authorities 

will consult in the event of: 

{c) 

{d) 

{i) an Authority's denial of a request made by the other 

Authority pursuant to this Statement of Intent; 

(ii) a change in market or business conditions or in the 

legislation governing the matters set forth in paragraph 8; 

and 

(iii) any other circumstance that ·makes it necessary or 

appropriate to amend or extend this Statement of Intent in 

order to achieve its purposes. 

The Authorities may agree on such practical measures as may be 

necessary to . facilitate the implementation of this Statement of 

Intent. 

Any of the conditions of this Statement of Intent may be amended 

or waiv9d by mutual written consent. 

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20. Unsolicited Assistance· 

To the extent permitted by the Laws, Regulations, and/or Requirements of 

its respective jurisdiction, each Authority will use reasonable efforts to 

provide the other Authority with any information it discovers th~t gives rise 

to a suspicion of a breach or an anticipated breach of the Laws, 

Regulations, and/or Requirements applicable in the jurisdiction of the · 

other Authority. · 

FINAL PROVISIONS 

21. Effective Date 

Cooperation in accordance with this Statement of Intent will begin on the 

date of its signing by the Authorities. 

22. Termination 

Cooperation and assistance in accordance with this Statement of Intent 

will continue until the expiration of 30 days after any Authority gives 

written notice to the other Authority of its intention to · discontinue 

cooperation and assistance hereunder. If any Authority gives a 

termination notice. cooperation and assistance in accordance With this . 

Statement of Intent will continue with respect to all requests for assistance 

that were made or information provided before the effective date of 

notification (as indicated in the notice but no earlier than the date the 

notice is sent) until the Requesting Authority terminates the matter for 

which assistance was requested. The provisions of this Statement of 

Intent concerning confidentiality will continue thereafter with respect to 

information in the possession of the Requesting Authority . 

. SIGNED IN DUPliCATE IN ENGLISH AT BOCA RATON. FLORIDA, THIS 17th DAY 

OF MARCH, 2004. 

FOR THE COMMODITY FUTURES 

TRADING COMMISSION OF 

THE UNITED STATES: 

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FOR THE IRISH FINANCIAL 

SERVICES REGULATORY 

AUTHORITY: 

Patrick 

~~~- Neary 

Prudential Director 
APPENDIX A 

CONTACT OFFICERS 

US Commodity Futures Trading Commission 

Three Lafayette Centre 

1155 21st Street, NW 

Washington, DC 20581 

USA 

For all infonnation: 

Director, Division of Enforcement 

Chief Counsel, Division of Enforcement 

Tel: (202) 418-5320 

Fax: (202)418-5523 

Irish Financial Services Regulato-ry Authority 

PO Box 9138 

College Green. 

Dublin 2 

Ireland 

For all information: 

Head of Securities and Exchanges Supervision 

Head of Regulatory Enforcement and Development 

Tel: 353 1 410 4000 

Fax: 353 1 410 4900 

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