On 16 August 2021, the European Central Bank (ECB) and the United States’ Securities and Exchange Commission (SEC) signed a memorandum of understanding to prepare for the registration of ECB-supervised entities as security-based swap dealers or major security-based swap participants in the United States. The ECB and the SEC will communicate and exchange information on the security-based swap activities that ECB-supervised entities conduct in the United States. This cooperation will provide a basis for relevant euro area entities to minimise duplication of compliance efforts and to continue focusing on compliance with EU requirements, while ensuring compliance with US requirements.