November 26, 2021

Volume XI, Number 330

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November 24, 2021

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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.

The FCA/SEC MoU.

©2021 Katten Muchin Rosenman LLPNational Law Review, Volume XI, Number 29
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About this Author

Carolyn H. Jackson, International Attorney, Katten Muchin law firm
Partner

Carolyn Jackson is a partner in Katten Muchin Rosenman UK LLP and is a Registered Foreign Lawyer. She provides US financial regulatory legal advice to a broad range of market participants, including commercial banks, investment banks, investment managers, broker-dealers, electronic trading platforms, clearinghouses, trade associations and over-the-counter derivatives service providers.

Carolyn guides clients in the structuring and offering of complex securities, commodities and derivatives transactions and in complying with US securities and commodities laws...

+44 0 20 7776 7625
Nathaniel Lalone, Katten Muchin Law Firm, Financial Institutions Attorney
Senior Associate

Nathaniel Lalone, a partner at Katten Muchin Rosenman UK LLP, has a broad range of experience in the regulation of financial products and financial markets, and frequently provides regulatory and compliance advice to trading venues, clearing houses and buy-side firms active in the over-the-counter (OTC) derivatives, futures and securities markets. He is actively involved in advising clients on the implementation of MiFID 2 and MiFIR in the European Union as well as the international reach of US financial services regulation. He also has significant experience with structuring...

+44 0 20 7776 7629
Neil Robson, private equity fund managers counselor, Katten Law Firm, London
Partner

Neil Robson, a regulatory and compliance partner with Katten Muchin Rosenman LLP, focuses his practice on counseling hedge and private equity fund managers and other investment advisers on operational, regulatory and compliance issues. He regularly addresses Financial Conduct Authority (FCA) and EU authorization and compliance under both the EU Alternative Investment Fund Managers Directive (AIFM Directive) and MiFID, cross-border issues in the financial services sector, market abuse, anti-money laundering and regulatory capital requirements, formations and buyouts of...

44-0-20-7776-7666
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