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
Previous ArticleDNB Corrects an Error in Instructions for IRRBB Reporting by Banks
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.
The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.
The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),
The Swiss National Bank (SNB) published Version 1.2 of the reporting forms (NSFR_G and NSFR_P) on the net stable funding ratio (NSFR) of banks, along with the associated documentation.
The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances