UK:
The UK Financial Conduct Authority And European Authorities Confirmed That Prior Understandings Reached Regarding Cooperation And Information Exchange Will Go Into Effect On December 31, 2020.
24 July 2020
Cadwalader, Wickersham & Taft LLP
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The UK Financial Conduct Authority ("FCA") and the
European Securities and Market Authority (or "ESMA") (see
here and here, respectively) confirmed that the
Memoranda of Understanding signed in February 2019
("MoUs"), on cooperation and information exchange
regarding the activities of credit rating agencies, trade
repositories and asset managers, remain valid and will go into
effect on December 31, 2020. That is the expiration date of the
UK's transition period for leaving the EU.
As previously covered, the MoUs among the FCA,
the EU and the European Economic Area National Competent
Authorities (i) provide for "supervisory cooperation,
enforcement and information exchange" and (ii) allow the
regulators to access information on "market surveillance,
investment services and asset management activities."
Primary Sources
- FCA Statement: FCA Confirms MoUs with ESMA and EU
Securities Regulators
- ESMA Statement: ESMA Tells Market Participants to
Continue Preparations for the End of the UK Transition
Period
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