ao link
0 £0.00
This item was added to your basket
Credit Strategy homepage
LinkedIn
Twitter
Intelligence, Insight and community for responsible professionals in credit

FCA and US’s SEC sign extended co-operation agreement

The Financial Conduct Authority (FCA) and the US’s Securities and Exchange Commission (SEC) have signed an extension to their close cooperation and information sharing agreement in the event of the UK’s withdrawal from the EU.

FCA chief executive Andrew Bailey met with SEC chairman Jay Clayton and signed two updated Memoranda of Understanding (MOUs) to ensure the continued ability to co-operate and consult with each other regarding the effective and efficient oversight of regulated entities across national borders.

 

The first memorandum, originally signed in 2006, is a comprehensive supervisory arrangement covering regulated entities that operate across the national borders.

 

It was updated to, among other things, expand the scope to include firms that conduct derivatives, credit rating and derivatives trade repository businesses to reflect post-financial crisis reforms related to derivatives and the FCA’s assumption of responsibility from the European Securities and Markets Authority for overseeing credit rating agencies and trade repositories in the event of the UK’s withdrawal from the EU.

 

The second memorandum, which is required under the UK Alternative Investment Fund Managers Regulations, was originally signed in 2013.

 

It provides a framework for supervisory co-operation and exchange of information relating to the supervision of covered entities in the alternative investment fund industry. The updated MOU ensures that investment advisers, fund managers, private funds and other covered entities in the alternative investment fund industry that are regulated by the SEC and the FCA will be able to continue to operate on a cross-border basis without interruption, regardless of the outcome of the UK’s withdrawal from the EU.

 

These memoranda will come into force on the date EU legislation ceases to have direct effect in the UK.

Please login to continue reading this article.

Not a member?

Become a member

FREE registration. No credit card required

Register now
  • Stay up-to-date with industry news and appointments
  • Hear about events first
  • Read 1 free Premium article per month

Become a premium member

From as little as £3.48 per week

Become Premium
  • All the perks of a standard member plus:
  • Access to the entire Credit Strategy website
  • 12 months subscription to Credit Strategy Magazine
  • 25% discount to all conferences
  • Exclusive access to Premium Member only roundtables
  • 50% off award entry fees

GET THE LATEST INDUSTRY NEWS STRAIGHT TO YOUR INBOX

READ NEXT

The Credit 500 for 2021 has been revealed – with a new focus on gender diversity

The Credit 500 for 2021 has been revealed – with a new focus on gender diversity

Virgin Media and 02 merger gets provisional green light

Virgin Media and 02 merger gets provisional green light

“The ability of humans to adapt is fantastic”

“The ability of humans to adapt is fantastic”

Credit Strategy
LinkedIn page

Member of

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace. @ Copyright Shard Media Group