Regulation

FCA agrees deal with EU regulators

The Memoranda of Understanding will allow cooperation and exchange of information in the event of a no-deal Brexit

Rozi Jones
|
1st February 2019
Brexit EU UK chess
"They will allow for continued close cooperation in the event the UK leaves the EU without an agreement."

The FCA has agreed Memoranda of Understanding (MoUs) with the European Securities and Markets Authority and EU regulators.

The MoUs cover cooperation and exchange of information in the event the UK leaves the EU without a withdrawal agreement and implementation period.

They include a multilateral MoU with EU and EEA National Competent Authorities covering supervisory cooperation, enforcement and information exchange; and an MoU with ESMA covering supervision of Credit Rating Agencies and Trade Repositories.

The FCA said the MoUs will "support cross border supervision of firms and allow us to share information with our EU counterparts".

Andrew Bailey, chief executive of the FCA, said: "I am pleased we have been able to agree these MoUs. They will allow for continued close cooperation in the event the UK leaves the EU without an agreement.

"They should also minimise the potential for disruption, which we know is particularly important for the investment management sector, Credit Rating Agencies and Trade Repositories."

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