On February 1, 2019 the Financial Conduct Authority (FCA) announced that it has agreed Memoranda of
Understanding (MoUs) with the European Securities and Markets
Authority (ESMA) and EU and EEA National Competent Authorities
(NCAs). These MoUs cover cooperation and exchange of information in
case the UK leaves the EU on March 29, 2019 without a withdrawal
agreement in place.
These MoUs include:
- A multilateral MoU with NCAs with
regard to supervisory cooperation, enforcement and information
exchange; and
- An MoU with ESMA with regard to
supervision of Credit Rating Agencies and Trade Repositories.
The agreement on a multilateral MoU on supervisory cooperation,
enforcement and information exchange between the FCA and the EU
NCAs is particularly important for the investment management
sector. The existence of such an MoU will continue to allow EU
AIFMs and UCITS management companies to delegate their portfolio
and risk management functions to UK-based
