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.

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

1. FCA Statement: FCA Confirms MoUs with ESMA and EU Securities Regulators
2. ESMA Statement: ESMA Tells Market Participants to Continue Preparations for the End of the UK Transition Period

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