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    ESMA and EU Securities Regulators Agree No-Deal Brexit MoUs With FCA

    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

     

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