FCA Publishes SEC MoU on Financial Services Supervision Post-Brexit
On January 22, the UK’s Financial Conduct Authority (FCA) published an amended and restated memorandum of understanding (MoU) between itself and the US Securities and Exchange Commission (SEC) in light of the UK’s withdrawal from the EU.
The key understandings discussed by the FCA and SEC in the MoU include:
exchanging information relating to market oversight; and
assisting and cooperating with each other to supervise firms and ensure compliance with laws and regulations (e.g., conducting on-site visits).
The MoU does not change the terms and conditions of existing arrangements regarding cooperation between the FCA and SEC and is intended to work alongside them.
The MoU was initially announced in 2019 by the FCA and was enforced on December 31, 2020 at 11:00 p.m. UK-time, subsequent to the UK’s departure from the EU.