ESMA signs Brexit MoU with FCA as UK regulator outlines new powers

Maintains delegation standards

The Financial Conduct Authority (FCA) has signed a memorandum of understanding (MoU) with pan-European regulator ESMA, thereby securing post-Brexit portfolio management delegation for UK asset managers.

In a statement, The FCA confirmed the MoU would cover cooperation and the exchange of information in the event the UK leaves the EU without a withdrawal agreement and implementation period. Specifically, the regulators reached an agreement on supervisory cooperation, enforcement and information exchange, as well as one covering supervision of credit rating agencies and trade repositories. The FCA added that until a withdrawal agreement is reached, it will continue to plan for a range of potential outcomes.   Brexit Blog: Barclays to move £166bn to Dublin amid Brexit fears ...