SEC and FCA Sign Updated Supervisory Cooperation Arrangements
SEC and FCA reaffirmed their commitment to continue close cooperation and information-sharing during Brexit. As evidence of their long-standing partnership, Jay Clayton, the SEC Chairman, met with Andrew Bailey, the CEO of FCA, and signed two updated Memoranda of Understanding (MoUs) to ensure the continued ability to cooperate and consult with each other regarding the effective and efficient oversight of regulated entities across national borders. These MoUs will come into force on the date EU legislation ceases to have direct effect in the United Kingdom.
The first MoU, which was originally signed in 2006, is a comprehensive supervisory arrangement covering regulated entities that operate across the national borders. The MoU was updated to, among other things, expand the scope of covered firms under the MoU to include firms that conduct derivatives, credit rating, and derivatives trade repository businesses to reflect:
- Post-financial crisis reforms related to derivatives
- FCA’s assumption of responsibility from ESMA for overseeing credit rating agencies and trade repositories in the event of Brexit
The second MoU, which was originally signed in 2013, is required under the UK Alternative Investment Fund Managers Regulations. The MoU provides a framework for supervisory cooperation and exchange of information related to the supervision of covered entities in the alternative investment fund industry. The updated MoU ensures that investment advisers, fund managers, private funds, and other covered entities in the alternative investment fund industry, which are regulated by SEC and FCA, will be able to continue to operate on a cross-border basis without interruption, regardless of the outcome of the withdrawal of UK from EU.
Related Link: Press Release
Keywords: Americas, Europe, US, UK, Banking, MoU, Brexit, Supervisory Cooperation, OTC Derivatives, Credit Ratings, CRA, FCA, SEC
Previous Article
IMF Reports Examine Banking Sector Developments in WAEMU RegionRelated Articles
|
News
FSB to Evaluate Effects of Too-Big-To-Fail Reforms for Systemic BanksFSB is seeking feedback as part of its evaluation of the effects of the too-big-to-fail reforms for banks.
May 23, 2019
WebPage
Regulatory News
|
|
News
APRA Releases Minor Changes to Reporting Standards on SA-CCR for BanksAPRA released minor changes to the three reporting standards for the standardized approach for measuring counterparty credit risk exposures (SA-CCR).
May 22, 2019
WebPage
Regulatory News
|
|
News
APRA on Industry Self-Assessments into Governance and AccountabilityAPRA released an information paper analyzing the self-assessments performed by 36 of the country’s largest banks, insurers, and superannuation licensees in response to the final report on the Prudential Inquiry into the Commonwealth Bank of Australia (CBA).
May 22, 2019
WebPage
Regulatory News
|
|
News
PRA Consults on Maintenance of TMTP Under Solvency IIPRA published a consultation paper (CP11/19) that sets out its approach to update supervisory statement (SS6/16) on maintenance of the transitional measure on technical provisions (TMTP) under Solvency II.
May 22, 2019
WebPage
Regulatory News
|
|
News
APRA Proposes to Amend Guidance on Residential Mortgage LendingAPRA is consulting on revisions to the prudential practice guide APG 223 on residential mortgage lending in Australia.
May 21, 2019
WebPage
Regulatory News
|
|
News
IASB Proposes Improvements to IFRS 9 and IFRS 16IASB published the exposure draft ED 2019/2 that proposes amendments to four IFRS standards, including IFRS 9 on Financial Instruments and IFRS 16 on Leases.
May 21, 2019
WebPage
Regulatory News
|
|
News
Denis Beau of BDF on Supervisory Priorities for Climate-Change RisksDenis Beau, the First Deputy Governor of BDF, delivered opening remarks at the BCBS-BSCEE-FSI High-level Meeting for Europe on banking supervision.
May 21, 2019
WebPage
Regulatory News
|
|
News
ISDA CDM to be Deployed for UK Digital Regulatory Reporting PilotISDA announced deployment of the ISDA Common Domain Model (ISDA CDM 2.0) to support the UK FCA, BoE, and participating financial institutions in testing phase two of the Digital Regulatory Reporting pilot for derivatives.
May 21, 2019
WebPage
Regulatory News
|
|
News
MAS to Consolidate Regulation of Merchant Banks Under Banking ActMAS published a consultation paper that proposes to consolidate the regulation of merchant banks under the Banking Act and to move merchant banks to a licensing regime under the MAS Act.
May 21, 2019
WebPage
Regulatory News
|
|
News
ESAs Amend Technical Standards on Mapping of ECAIs Under CRRESAs published a second amendment to the implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs) for credit risk under the Capital Requirements Regulation (CRR).
May 20, 2019
WebPage
Regulatory News
|
