BoE, FCA, HM Treasury, and PRA published a Memorandum of Understanding (MoU) that sets out how they expect to coordinate their respective functions in relation to equivalence and exemption determinations post Brexit. These are new functions that will be transferred to UK authorities in the context of Brexit and will come into effect from the exit day. The MoU has been established in accordance with Regulation 6 of the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019 (the Equivalence Regulations).
The Treasury is responsible for determining the equivalence and the application of exemptions to any country or territory outside the UK (third country), where such a function is provided for in legislation. The Treasury may make determinations that are partial, time-limited, or subject to other conditions. BoE, FCA, and PRA are responsible for providing support to the Treasury for matters related to their regulatory functions. This includes the provision of information or advice to the Treasury in connection with any consideration of a new equivalence or exemption determination. The regulators are also responsible for recognizing third-country firms that operate in UK under an equivalence determination, where this is provided for in legislation. The regulators will provide advice in relation to their regulatory functions; however, when advice is requested on areas of joint competence (for example, capital requirements), the lead regulator should provide the advice after consulting the other regulator. In some cases, the regulators may provide advice on different aspects of a determination, according to their functions.
Keywords: Europe, UK, EU, Banking, Insurance, Securities, MoU, Equivalence and Exemption, Brexit, HM Treasury, Equivalence Regime, Third Country, FCA, PRA, BoE
Previous ArticlePRA Consults on Approach to Supervising Liquidity and Funding Risks
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.
The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)
The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.
The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.
The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.