“…In addition, compliance with an MOU also depends on the underlying legal authority and jurisdictions of each party [14]. In a similar manner, multilateral arrangements across nations, as a form of MOU, were also criticized for the high information asymmetries resulting from differences in legal systems, supervisory arrangements, social and moral habit, and competition among financial centers for securities transactions [3,14]. d) Legacy information systems impede the access Different regulators maintain different and separate information systems and these different systems can significantly complicate routine information sharing.…”