03.29.2021

UK And EU Agree MoU On Financial Services

03.29.2021
Margins Raised Ahead of Brexit Vote

Technical discussions on the text of the Memorandum of Understanding, which was agreed in a Joint Declaration on Financial Services Regulatory Cooperation alongside the Trade and Cooperation Agreement, have now been concluded.

Formal steps need to be undertaken on both sides before the Memorandum of Understanding (MoU) can be signed but it is expected that this can be done expeditiously.

The MoU, once signed, creates the framework for voluntary regulatory cooperation in financial services between the UK and the EU. The MoU will establish the Joint UK-EU Financial Regulatory Forum, which will serve as a platform to facilitate dialogue on financial services issues.

Source: HM Treasury

Related articles

  1. Brexit Vote Could Affect Emerging Market Flows

    Review of trading desks found that incoming banks did not yet retain full control of their balance sheets.

  2. UK Launches Asset Management Review

    UK has a greater market share than pre-Brexit for on-venue execution of GBP interest rate swaps.

  3. AFME Warns on ‘Brexit’

    Recognition has been temporarily extended until 30 June 2025.

  4. The trade repository has been providing UK services since the first business day after Brexit on 4 Jan 2021.

  5. Brexit Muddles Future of UK-EU Linkage

    European firms could operate temporarily in the UK after Brexit while seeking full authorisation.