Audit Regulators in Japan and Luxembourg enter into Cooperative Agreement

On 2 August 2013, the Financial Services Agency (“FSA”) and the Certified Public Accountants and Auditing Oversight Board (“CPAAOB”) of Japan and the Commission de Surveillance du Secteur Financier (“CSSF”) of Luxembourg, signed an Exchange of Letters that sets the stage for cooperation with regard to the oversight of statutory auditors.

For the CSSF, this is the first cooperative agreement with an audit regulator outside of the European Union. Similar arrangements with other jurisdictions are under negotiation.