Memorandum of Understanding between UK and Banco de Portugal

FCA has published a Memorandum of Understanding (MoU) which has been made between the PRA and FCA and Banco de Portugal for the purposes of supervisory cooperation. This is the latest in a series of MoUs made by the UK with international central banks, clarifying regulatory relationships post-Brexit.

Under the MoU, each authority is to share and provide information to assist with regulatory matters. The MoU allows the authorities to nominate contact persons to represent them. The authorities agree their intention to cooperate more generally, whilst acting in an appropriately confidential manner.

The MoU also sets out the supervisory functions of the respective authorities, and prioritises the public interest where information and/or data is being shared.

Nicola Radford