Mairead McGuinness, Commissioner for Financial Services, Financial stability and Capital Markets Union has signed today on behalf of the European Commission the Memorandum of Understanding (MoU) establishing a framework for structured regulatory cooperation in the area of financial services with the United Kingdom.
This follows on from the Joint Declaration on Financial Services Regulatory Cooperation between the European Union and the United Kingdom – which accompanies the Trade and Cooperation Agreement (TCA). Thus, now signed, the MoU creates the administrative framework for voluntary regulatory cooperation in the area of financial services between the EU and the UK, outside of the TCA structures. This includes the establishment of a Joint EU-UK Financial Regulatory Forum, which will serve as a platform to facilitate structured dialogue on issues related to financial services, similar to what the Commission has with other third country jurisdictions, such as the United States.
- Publication date
- 27 June 2023
- Directorate-General for Financial Stability, Financial Services and Capital Markets Union