BoE and FCA reaffirm FMI oversight cooperation

The BoE and FCA have updated their MoU on the supervision of FMIs. In updating the MoU, the regulators wrote to Central Counterparties (CCPs), Recognised Investment Exchanges (RIEs) and Recognised Central Securities Depositories (RCSDs) to review their cooperation.

The FMIs welcomed the regulator’s strong cooperation and outlined the benefit of a coordinated approach to work on operational resilience, highlighting parallel consultations on operational incident and third-party reporting. A final policy statement on operational resilience is expected in H2 2025.

The BoE and FCA emphasised that the MoU’s arrangements regarding cooperation continue to function effectively with no material duplication. The regulators in particular highlighted successful joint workstreams such as the Digital Securities Sandbox and T+1 settlement.