The Central Bank of Cyprus and the Lithuanian Securities Commission have signed on 26 August, 2002, a Memorandum of Understanding on mutual co-operation and exchange of information in the field of regulating the provision of international financial services. The Lithuanian Securities Commission is the competent authority for regulation and supervision of the capital market in Lithuania. The Central Bank of Cyprus, in addition to being the country’s monetary and banking supervisory authority, also regulates, under the Exchange Control Law, the activities of all international financial services firms which are based in Cyprus. The Central Bank of Cyprus is also the licensing and regulatory authority for International Collective Investment Schemes, their Managers and their Trustees under the International Collective Investment Schemes Law. The Memorandum of Understanding has been signed on behalf of the Central Bank of Cyprus by its Governor Mr. Christodoulos Christodoulou and on behalf of the Lithuanian Securities Commission by its Chairman Mr. Virgilijus Poderys. The Memorandum of Understanding establishes a general framework of mutual co-operation and exchange of information between the two authorities with a view of facilitating the performance of their cross-border regulatory functions and responsibilities and enhancing the supervision of international financial services, in accordance with their respective laws and regulations. A similar Memorandum of Understanding, in the field of regulating the provision of international financial services, has also been signed with the Czech Securities Commission and the Federal Commission for the Securities Market of Russia. The Central Bank of Cyprus is also currently negotiating the signing of Memoranda of Understanding with a number of other overseas financial regulatory authorities. In the field of banking supervision, the Central Bank of Cyprus also pursues an active policy of signing Memoranda of Understanding for co-operation and exchange of information with the Central Banks of countries whose banks already have or may have in the future a presence in Cyprus. Memoranda of Understanding in this field have already been signed with the Central Bank of the Russian Federation, the Bulgarian National Bank, the National Bank of Ukraine, the National Bank of the Republic of Belarus, the National Bank of Yugoslavia and the National Bank of Romania. Moreover, negotiations are currently being carried out with another nine overseas banking supervisory authorities for the signing of similar documents.