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The Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA) and European Banking Authority (EBA) announced that they agreed a template memorandum of understanding (MoU). The template sets out the expectations for supervisory co-operation and information-sharing arrangements between UK and EU/EEA national
authorities. The FCA added that the UK authorities and EU/EEA national authorities intend to move swiftly to sign bilateral MoUs. These bilateral MoUs will allow supervisory co-operation in the event of a no-deal scenario. The chief executive of the
FCA, Andrew Bailey, said: ‘The bilateral MoUs will ensure that there will be no interruption in exchange of supervisory information in the event of a no-deal exit from the EU’.
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