Context
The FCA has published the Memorandum of Understanding (MoU) entered into with EIOPA and the Bank of England.
Key points to note
- The purpose of the MoU is to establish the general terms for co-operation in the fields of prudential & conduct supervision and for mutual assistance & exchange of information
- The MoU covers the regular information exchange and mutual assistance for the purposes of:
- Sound prudential and conduct supervision over (re)insurance undertakings and groups based either in the United Kingdom or in a European Economic Area (EEA) State, with cross-border business activities in, respectively, the EEA or the United Kingdom
- Financial stability of the financial markets of the EEA and/or the United Kingdom