Written by Brandon Wong

The FCA has published an amended and restated version of a memorandum of understanding (MoU) that it entered into with the US Securities and Exchange Commission (SEC) in March 2019. 

The MoU reflects the UK’s withdrawal from the EU and expresses both parties’ willingness to continue to cooperate with each other, with particular emphasis placed on investor protection, fostering market integrity and maintaining confidence and systemic stability.  It is a statement of intent to consult, cooperate and exchange information relating to the oversight of financial services firms in either, or both, the USA and the UK.

The key areas covered in the MoU are:

• The scope of supervisory consultation, cooperation and exchange of information;
• Access to information in the UK;
• On-site visits;
• Requests for assistance; and
• Confidentiality of information.

 This MoU entered into force on the date that EU legislation ceased to have direct effect in the UK.