On 19 May, the UK and EU Commission published a draft memorandum of understanding (MoU) to establish a “robust and ambitious” framework for financial services regulatory cooperation. While still subject to the internal processes of the European Union, HM Treasury and the European Commission intend to sign the MoU shortly.
Based on a shared objective of preserving financial stability, market integrity, and the protection of investors and consumers, the framework will cover bilateral exchanges of views and analysis relating to regulatory developments and other issues of common interest; transparency and appropriate dialogue in the process of adoption, suspension and withdrawal of equivalence decisions; bilateral exchanges of views and analysis relating to market developments and financial stability issues; and enhanced cooperation and coordination including in international bodies as appropriate.
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