Busy Friday for the UK regulator FCA, as it has just released another announcement that it has agreed Memoranda of Understanding (MoUs) with ESMA and EU regulators.
The FCA has explained earlier today how it would use the temporary transitional power in an UK leaves the European Union without a withdrawal agreement scenario.
The MoUs cover cooperation and exchange of information in the event of a hard Brexit.
The UK regulator will continue to plan for a range of scenarios, including if the UK leaves the EU without an agreement.
The MoUs are:
- a multilateral MoU with EU and EEA National Competent Authorities (NCAs) covering supervisory cooperation, enforcement and information exchange;
- an MoU with the European Securities and Markets Authority (ESMA) covering supervision of Credit Rating Agencies and Trade Repositories.
Andrew Bailey, FCA
Andrew Bailey, Chief Executive of the Financial Conduct Authority 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.
These MoUs will support cross border supervision of firms and allow the FCA to share information with its EU counterparts.