Context
The FCA has announced that MoUs, previously agreed with the European Insurance and Occupational Pensions Authority (EIOPA), the Prudential Regulation Authority (PRA) and EU insurance supervisors, came into effect at the end of the transition period.
Key points to note
- The MoUs cover supervisory co-operation and exchange of information and were originally agreed on 5 March 2019.
- There is a multilateral MoU with EU and EEA National Competent Authorities (NCAs) covering supervisory co-operation, enforcement and information exchange between UK and EU/EEA national supervisors. https://www.fca.org.uk/publication/mou/mmou-eu-fca.pdf.
- There is also an MoU with EIOPA covering information exchange and mutual assistance between the UK authorities and EIOPA in the field of insurance regulation and supervision.