Regulators agree Memorandum of Understanding with EBA

The Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA) and European Banking Authority (EBA) are today announcing that they have agreed a template Memorandum of Understanding (MoU).

The template sets out the expectations for supervisory cooperation and information-sharing arrangements between the UK and EU national authorities.

Following the agreement of the template, the UK regulators and the EU regulators have said they “intend to move swiftly” to sign bilateral MoUs, which will allow uninterrupted information-sharing and supervisory cooperation in the event of a no-deal Brexit.

Commenting, PRA chief executive and deputy governor Sam Woods said: “I am pleased that we have agreed a template which will form the basis of bilateral MoUs with the national authorities in EU member states. These agreements will ensure our continued cooperation in carrying out our supervisory responsibilities. We have enjoyed a strong working relationship with our European partners for many years and I am confident that this will continue.”

FCA chief executive Andrew Bailey added: “The bilateral MoUs will ensure that there will be no interruption in exchange of supervisory information in the event of a no-deal exit from the EU. It sends a clear signal of the determination of the UK and EU authorities to work together. The MoUs build on years of continued working, and will ensure these can carry on if they UK leaves the EU without an agreement. We are encouraged by the approach of the EBA on this vitally important matter.”

However, the MoUs will only take effect in the event of a no-deal scenario.

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