The Financial Conduct Authority (FCA) has come to an agreement with The European Securities and Markets Authority (ESMA) and other EU regulators around the exchange of information in the event the UK leaves the EU without a withdrawal agreement and implementation period.
The memoranda of understanding include a multilateral MoU with EU and EEA National Competent Authorities (NCAs) covering supervisory cooperation, enforcement and information exchange; and one with the ESMA covering supervision of credit rating agencies and trade repositories.
Chief executive of the FCA, Andrew Bailey said the MoUs 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,” he said.
These MoUs will support cross-border supervision of firms and allow the FCA to share information with its EU counterparts.
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