February 01, 2019

ESMA and European securities regulators have agreed on the Memoranda of Understanding (MoUs) with the FCA of UK. These MoUs form part of the authorities’ preparations should the UK leave the EU without a withdrawal agreement, the no-deal Brexit scenario. The MoUs will only take effect in the event of a no-deal Brexit scenario. The MoUs are similar to those already concluded on the exchange of information with many third-country supervisory authorities.

The MoU between ESMA and FCA covers the exchange of information in relation to the supervision of credit rating agencies (CRAs) and trade repositories. The MoU will allow ESMA to continue to discharge its mission and meet its mandate regarding investor protection, orderly markets, and financial stability in EU. Additionally, the multilateral MoU (MMoU) between EU/European Economic Area (EEA) securities regulators and FCA covers supervisory cooperation, enforcement, and information exchange between individual regulators and the FCA. It will allow them to share information on, among others, market surveillance, investment services, and asset management activities. This, in turn, will allow certain activities, such as fund manager outsourcing and delegation, to continue to be performed by the UK-based entities on behalf of the counterparties based in EEA.

 

Related Link: Press Release

Keywords: Europe, EU, Securities, Brexit, MoU, No-deal Brexit, CRA, FCA, ESMA

 

Related Articles
News

BoE, FCA, and MAS Announce Collaboration on Cyber Security

MAS and UK financial authorities (BoE and FCA) announced that they will work together to strengthen cyber security in their financial sectors.

June 13, 2019 WebPage Regulatory News
News

CBIRC Advisory Committee Holds Meeting, Discusses Regulatory Issues

The first meeting of the International Advisory Committee (IAC) of CBIRC was held in Shanghai from June 11 to 12, 2019.

June 13, 2019 WebPage Regulatory News
News

APRA Response to Proposal on Revisions to Capital Framework for Banks

APRA published a paper in response to the first round of consultation on proposed changes to the capital framework for authorized deposit-taking institutions.

June 12, 2019 WebPage Regulatory News
News

APRA Finalizes Schedule on Scope of Variable Remuneration Under BEAR

APRA has released a response letter and the final wording of the schedule in relation to how the Banking Executive Accountability Regime (BEAR) applies to variable remuneration arrangements for medium and small authorized deposit-taking institutions (ADIs).

June 12, 2019 WebPage Regulatory News
News

EC Publishes Fourth Progress Report on Reduction of NPLs in EU Banks

EC published the fourth progress report on the reduction of non-performing loans (NPLs) in banks in EU.

June 12, 2019 WebPage Regulatory News
News

FASB Adds Taxonomy Entry Points in Relation to 2019 DEI Taxonomy

FASB has incorporated additional entry points for the 2019 GAAP [Generally Accepted Accounting Principles] Financial Reporting Taxonomy and the 2019 SEC Reporting Taxonomy, in connection with the issuance of the 2019 Document and Entity Information (DEI) Taxonomy by SEC.

June 11, 2019 WebPage Regulatory News
News

EC Publishes Draft Equivalence Decisions for Credit Rating Agencies

EC is requesting feedback on the draft implementing decisions on recognition of legal and supervisory systems of Hong Kong, Japan, Mexico, and U.S. as equivalent to the requirements of Regulation (EC) No 1060/2009 on credit rating agencies.

June 11, 2019 WebPage Regulatory News
News

BaFin Consults on AFS Recommendation to Increase CCyB for Banks

BaFin is requesting feedback on increasing the domestic countercyclical capital buffer (CCyB) to 0.25%, with effect from July 01, 2019, pursuant to Article 92(3) of Capital Requirements Regulation (CRR).

June 11, 2019 WebPage Regulatory News
News

MAS Revises Capital Adequacy Requirements for Banks in Singapore

MAS issued amendments to the Notice 637 on risk-based capital adequacy requirements for banks incorporated in Singapore.

June 10, 2019 WebPage Regulatory News
News

PRA on Modification by Consent of Definition of Capital Rules in CRR 2

PRA announced its decision to offer a modification by consent of the Rules 7.1 and 7.5 of the Definition of Capital Part of the PRA Rulebook.

June 10, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3238