On 16 August 2021 the U.S. Securities and Exchange Commission (hereinafter “SEC”) and the European Central Bank (hereinafter “ECB”) announced the signing of a Memorandum of Understanding (hereinafter “MoU”) to consult, cooperate, and exchange information in connection with the supervision, enforcement, and oversight of certain security-based swap dealers and major security-based swap participants that are registered with the SEC and supervised by the ECB. According to the SEC’s press release, this very first MoU between the SEC and the ECB is intended to facilitate the SEC’s oversight of all SEC-registered security-based swap entities participating in the EU Single Supervisory Mechanism.