On 1 February 2019, ESMA issued a press release, relayed by the
Luxembourg supervisory authority, the CSSF, on the same day,
announcing that Memoranda of Understanding (MoUs) have been agreed
between EU/EEA securities regulators and the Financial Conduct
Authority (FCA) of the United Kingdom, and between ESMA and the
FCA.
Such MoUs form part of authorities' preparations should the
UK leave the EU without a withdrawal agreement, the no-deal Brexit
scenario and will only take effect in the event of a no-deal Brexit
scenario. The multilateral MoU (MMoU) between EU/EEA securities
regulators and the FCA covers supervisory cooperation, enforcement
and information exchange between individual regulators, including
the CSSF and the FCA. It will allow sharing of information
relating to, amongst others, market surveillance, investment
services and asset management activities. This, in turn, will allow
certain activities, such as fund manager outsourcing and
delegation, to
