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March Deadline Set for EU-UK MOU on Regulatory Cooperation

12 January 2021

March Deadline Set for EU-UK MOU on Regulatory Cooperation

The Trade and Cooperation Agreement between the EU and UK was accompanied by a Declaration on Financial Services Cooperation that sets out an ambition to agree a Memorandum of Understanding establishing a structured regulatory cooperation framework on financial services by March 2021. These arrangements would allow for bilateral exchanges of views and analysis relating to regulatory initiatives and other issues of interest; transparency and appropriate dialogue in the process of adoption, suspension and withdrawal of equivalence decisions; and - enhanced cooperation and coordination including in international bodies as appropriate. The parties will need to engage in intensive negotiations in order to meet this relatively tight timeframe.

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