Memoranda of understanding with the FCA
News
Published: 30 October 2020
In February 2019, agreement was reached on memoranda of understanding (MoUs) between ESMA and national supervisory authorities in the EEA and the UK Financial Conduct Authority (FCA). The cooperation agreements were signed as part of preparations for a possible ‘no-deal Brexit’, that is if the UK were to leave the EU without a transitional arrangement.
The agreement includes:
- an MoU between ESMA and the FCA concerning the exchange of information in relation to the supervision of credit rating agencies and trade repositories.
- an MoU between EEA supervisory authorities (including Finanstilsynet) and the FCA covering supervisory cooperation and information exchange in the securities area.
ESMA and EU securities regulators agree no-deal Brexit MoUs with FCA
The UK departed from the EU on 31 January 2020 and entered into a transitional arrangement. ESMA, the national supervisory authorities in the EEA and the FCA have confirmed that the MoUs are considered relevant and will take effect after the end of the transition period on 31 December 2020.
ESMA tells market participants to continue preparations for the end of the UK transition period
Brexit
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