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    SEC and FCA Sign Updated Supervisory Cooperation Arrangements

    March 29, 2019

    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

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