Erscheinung:17.04.2019 | Topic Macroeconomic supervision Banks
New MoU regulates supervisory cooperation after the Brexit
In preparation for Brexit, BaFin signed a Memorandum of Understanding (MoU) with the British regulators Prudential Regulatory Authority (PRA) and Financial Conduct Authority (FCA) on April 15, 2019. The agreement is based on a model MoU developed by the European Banking Authority (EBA) in collaboration with the European Central Bank (ECB) and the national competent authorities (NCAs).
With this agreement, the cooperation of the German and British authorities, will be placed on a legally solid basis, even after Brexit has been completed. At the same time, the MoU will help prevent cliff-edge effects concerning supervisory action when UK leaves the European Union.
The new agreement regulates cooperation in various supervisory fields. These include cooperation in the licensing of companies, combating money laundering and the general exchange of information.
"With our MoU with PRA and FCA, we have ensured that we will be able to cooperate with the British supervisory authorities in the future," explains BaFin President Felix Hufeld.
