The main objective of the MoU is to ensure optimal cooperation in supervision, in particular for insurance groups with international activities in the European economic area (EEA) and Switzerland. The Memorandum creates a formal basis for cooperation in the following areas: group supervision, assistance in the work of EEA and FINMA colleges of supervisors, action required in emergency situations, safeguarding financial stability by monitoring and assessing risks, interconnectedness and conducting stress tests.