Audit Regulators in Switzerland and Luxembourg enter into Cooperative Agreement

The Swiss Federal Audit Oversight Authority (“FAOA”) and the Commission de Surveillance du Secteur Financier (“CSSF”) in Luxembourg, have signed a Memorandum of Understanding that sets the stage for cooperation with regard to the oversight of statutory auditors.

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