March Deadline Set for EU-UK MOU on Regulatory Cooperation12 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.