FCA and SEC update commitment

The UK Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC) have today reaffirmed their commitment to continue close cooperation and information sharing in the event of the UK’s withdrawal from the European Union (EU).

As evidence of their long-standing partnership, Andrew Bailey, FCA CEO met with Jay Clayton, SEC Chairman and signed two updated Memoranda of Understanding (MoUs) to ensure the continued ability to cooperate and consult with each other regarding the effective and efficient oversight of regulated entities across national borders. At the meeting in London, Chairman Clayton and Andrew Bailey also discussed risks posed by jurisdictional share trading obligations, which could increase market fragmentation and impose unnecessary costs on investors.

The first MoU, originally signed in 2006, is a comprehensive supervisory arrangement covering regulated entities that operate across the national borders. The second MoU, which is required under the UK Alternative Investment Fund Managers Regulations, was originally signed in 2013.

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