(25)A joint statement by the Vice President of the European Commission for Financial Stability, Financial Services and Capital Markets Union, and the Deputy Prime Minister of Singapore and Chairman of the Monetary Authority of Singapore sets out the common approaches. At the same time as the Commission has been assessing the legal and supervisory framework applicable to AEs and RMOs for the purposes of adopting this Decision, MAS has been assessing that Union trading venues are subject to regulatory and supervisory frameworks that are comparable to the legal and supervisory framework under the SFA which applies to trading venues in Singapore. Following that assessment, MAS exempts the Union trading venues as notified by the Commission in accordance with section 7(6) of the SFA from the obligation to register as RMOs. MAS may undertake regular reviews of the legal and supervisory arrangements applicable to Union trading venues and intends to give the Commission's services appropriate prior notice of any such review and an opportunity to comment in cases where the review would lead to any changes in the scope of the exemption granted in accordance with section 7(6) of the SFA. This Decision and the acts and regulations adopted by MAS based on those acts will be complemented by cooperation arrangements to ensure the effective exchange of information and coordination of supervisory activities between the national competent authorities responsible for the authorisation and supervision of the recognised Union trading venues and MAS.