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UK, EU finance regulators sign no-deal Brexit supervisory cooperation deal


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UK, EU finance regulators sign no-deal Brexit supervisory cooperation deal

The U.K.'s two main financial regulators signed a memorandum of understanding with the European Union's banking watchdog for supervisory cooperation and information sharing in the event of a no-deal Brexit.

The agreement between Britain's Financial Conduct and Prudential Regulation authorities and the European Banking Authority will serve as a template for how U.K. and EU/European Economic Area national authorities can interact should the U.K. leave the bloc without a deal.

FCA CEO Andrew Bailey said the agreement would ensure that the exchange of supervisory information between the regulators are not interrupted if such an exit occurs.

With a little more than a week until the March 29 Brexit deadline, U.K. Prime Minister Theresa May has asked the EU to delay the country's departure from the bloc until June 30, after the U.K. Parliament rejected her deal twice. However, the EU said it would only grant the extension if May's lawmakers get on board with a withdrawal agreement.