FinanceDublin.com - MoU shows movement towards closer FS ties between the EU and UK

The MoU on regulatory cooperation on regulation is a constructive step towards a revitalised EU-UK financial services relationship write McCann FitzGerald partners Judith Lawless and Josh Hogan. They write, although the agreement is limited in nature, the new framework it will create could improve certainty and consistency on cross-border regulatory issues and the potential to facilitate the resumption of equivalence assessments by the EU.

The announcement by the European Commission (the “Commission”) on 27 June 2023 that it had signed a memorandum of understanding (“MoU”) on EU-UK regulatory cooperation in financial services is a positive development for the financial services market in both the EU and the UK and, in particular, for market participants in this jurisdiction given the strong financial services connections between Ireland and the UK.¹
The EU/UK Joint Dec....

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Josh Hogan and Judith Lawless are partners at McCann FitzGerald.

¹https://finance.ec.europa.eu/news/commission-signs-memorandum-understanding-regulatory-cooperation-united-kingdom-2023-06-27_en
²https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/948105/EU-UK_Declarations_24.12.2020.pdf
³https://www.gov.uk/government/news/technical-negotiations-concluded-on-uk-eu-memorandum-of-understanding
⁴https://ec.europa.eu/commission/presscorner/detail/en/mex_23_2805 under the heading “Financial services: Commission adopts draft Memorandum of Understanding with the United Kingdom”
⁵https://ec.europa.eu/commission/presscorner/detail/en/SPEECH_23_3549
⁶Ibid
⁷ https://www.afme.eu/news/press-releases/details/afme-welcomes-eu-uk-draft-memorandum-of-understanding