New York State Insurance Superintendent Eric Dinallo and Hector Sants, chief executive officer of the United Kingdom's Financial Services Authority said they have signed a memorandum of understanding allowing for closer cooperation between their two regulatory entities.

The memo establishes a formal basis for consultation, cooperation and coordination between the FSA, the UK's financial regulator, and the New York State Insurance Department, and provides for the exchange of information relevant to each authority's supervisory, regulatory and examination responsibilities, the announcement said.

"The increasingly global financial markets require that regulators communicate quickly and cooperate closely in order to operate effectively," Mr. Dinallo said in a statement.

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