Financial Conduct Authority
The Financial Conduct Authority (FCA) has agreed Memoranda of Understanding (MoUs) with ESMA and EU regulators.
The MoUs cover cooperation and exchange of information in the event the UK leaves the EU without a withdrawal agreement and implementation period. Until an agreement is reached the FCA will continue to plan for a range of scenarios, including if the UK leaves the EU without an agreement.
The MoUs are:
- a multilateral MoU with EU and EEA National Competent Authorities (NCAs) covering supervisory cooperation, enforcement and information exchange; and
- an MoU with the European Securities and Markets Authority (ESMA) covering supervision of Credit Rating Agencies and Trade Repositories.
Andrew Bailey, Chief Executive of the Financial Conduct Authority, said:
'I am pleased we have been able to agree these MoUs. They will allow for continued close cooperation in the event the UK leaves the EU without an agreement.
'They should also minimise the potential for disruption, which we know is particularly important for the investment management sector, Credit Rating Agencies and Trade Repositories.'
These MoUs will support cross border supervision of firms and allow us to share information with our EU counterparts.
For more information, contact the FCA press office on 020 7066 3232 or firstname.lastname@example.org.
Notes to editors
- Under EU legislation it is possible for fund managers to delegate portfolio management services to a third party in another country, including countries outside the EU. In relation to funds and managers authorised under the relevant EU legislation, there are requirements for cooperation agreements between the supervisory authorities in the relevant EU member state and the non-EU country concerned.
- On 1 April 2013, the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this, it has 3 operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
- Find out more information about the FCA.
Latest News from
Financial Conduct Authority
FCA commences civil proceedings in relation to alleged unauthorised regulated mortgage contracts and sale & rent back agreements14/07/2020 12:25:00
The FCA has commenced proceedings in the High Court against London Property Investments (U.K) Limited (LPI), NPI Holdings Limited (NPI), Daniel Stevens (the sole director and shareholder of both companies) and his father Anthony Kafetzis.
FCA announces proposals to further support motor finance and high cost credit customers06/07/2020 12:25:00
The FCA recently (03 July 2020) announced proposals which would provide continued support for users of motor finance and high cost credit products, who continue to face payment difficulties due to coronavirus (Covid-19).
FCA publishes Decision Notice against former Worldspreads CEO for market misconduct06/07/2020 10:10:00
The Financial Conduct Authority (FCA) has published a Decision Notice in respect of Conor Foley, the former Chief Executive Officer of Worldspreads, fining him £658,900 for market abuse and banning him from performing any roles linked to regulated activity.
FCA confirms further support for consumer credit customers02/07/2020 12:25:00
The FCA yesterday confirmed the support users of certain consumer credit products will receive if they are still experiencing temporary payment difficulties due to coronavirus (Covid-19).
High Court finds against illegal pension introducers, Avacade and others01/07/2020 15:43:00
Today the High Court ruled in favour of the FCA in a civil action against 2 firms and their directors who provided pension services to consumers without FCA authorisation.
FCA research reveals 1.1million spike in cryptoasset buyers01/07/2020 12:25:00
An estimated 2.6 million UK consumers have bought cryptoassets at some point, new FCA research reveals.
The Climate Financial Risk Forum publishes its guide to help the financial industry address climate-related financial risks30/06/2020 12:25:00
The Climate Financial Risk Forum (CFRF) yesterday published a guide written by industry for industry to help firms approach and address climate-related financial risks.
FCA publicly censures Redcentric PLC for market abuse29/06/2020 12:25:00
The FCA recently (26 June 2020) issued a public censure to Redcentric PLC (Redcentric) for committing market abuse between 9 November 2015 and 7 November 2016. Redcentric has agreed to provide compensation to affected investors.