The UK Government and European Union have signed a Memorandum of Understanding (“MOU”) establishing a framework for financial services regulatory cooperation between both parties.
The MOU is based on a shared objectives of preserving financial stability, market integrity, and the protection of investors and consumers, which aim to be achieved through:
- Bilateral exchanges of views and analysis relating to regulatory developments and other issues of common interest;
- Transparency and appropriate dialogue in the process of adoption, suspension and withdrawal of equivalence decisions;
- Bilateral exchanges of views and analysis relating to market developments and financial stability issues; and
- Enhanced cooperation and coordination including in international bodies as appropriate
The progress of the partnership in achieving these objectives will be reported at a Joint EU-UK Financial Regulatory Form (“the Forum”).
Firms can stay attuned to developments in the UK-EU partnership.