Sunday , April 11 2021

BREAKTHROUGH BREAKTHROUGH: Financial regulators in the UK and the EU reach an agreement without agreement results | Policy | News



Memoranda of understanding (Agreement Memorandum) was negotiated with the British Financial Performance Authority (FCA) to ensure that the blog and London regulators agreed to exchange information about financial firms that have cross-border business . Andrew Bailey, the executive president of the FCA, said that the agreements should "minimize the potential of the interruption, which we know is particularly important for the investment management sector, credit rating agencies and deposits of transactions ". The deal simplifies regulators in the United Kingdom and the other 27 EU member states to cooperate in supervising investment funds, as well as sharing data.

An administration memorandum is a standard feature of supervisory relationships between the block and countries that do not belong to the EU and without there being any "delegation" for active administrators in Great Britain doing investments selections for the funds that appear in the blog.

A spokesman for the confirmed terms of the European Securities and Markets Authority (ESMA) was "agreed in essence."

Chris Cummings, Chief Executive Officer of the Investment Association, said that the British stock trading organization said that "he obtains the certainty that is necessary for the managers of # 39; assets ".

He added: "These agreements assure that the delegation of the management of the portfolio and the exchanges of information necessary for the orderly functioning of the markets can continue independent of the result of the negotiations of Brexit.

"This is a welcome news for millions of Europe's savers who, together, have about 1.8 inches of savings managed by experts in the United Kingdom. Active administrators, and critically their customers, will now have the confidence that they need this delegation to continue in the United Kingdom. "

Patrice Bergé-Vincent, Managing Director of the ICI Global Business Management Group, said: "Over the past two years, global asset managers have taken many steps to protect the Its ability to serve investors and participate in European capital markets.

"A memorandum of understanding between the FCA and the AEVM, and a model of agreements between the EU and FCA regulators, would inject additional certainty in this process helping to preserve the distribution and investment of funds in the case that the United Kingdom would withdraw from the EU without a agreed mutual agreement ".

The prospects for the United Kingdom to leave the EU without an agreement will increase the day as it stays in stagnation with Brussels.

Members of the House of Commons gave the mandate of the Prime Minister a mandate to reopen the abstinence agreement and make changes to the controversial Irish "backstop" and replace it with "alternative arrangements."

However, the EU leaders have maintained the legally binding agreement agreed in November 2018, which took two years to agree, will not change and remain as "the only possible agreement."

The default position in the United Kingdom will be to leave the EU without an agreement if it does not reach an agreement before March 29.


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