The European Union and the United Kingdom intend to establish structured regulatory cooperation in the area of financial services. The EU Commission adopted the draft Memorandum of Understanding to this end.
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Among other things, the Memorandum of Understanding sets out plans to establish a joint EU-UK financial regulatory forum. Issues relating to financial services are to be easily communicated and discussed via this forum. The draft is preceded by a joint declaration on regulatory cooperation in the financial services sector. At the same time, it ties in with the Trade and Cooperation Agreement (TCA) between the EU and the United Kingdom.
Provided that the Council approves the Memorandum of Understanding, the EU Commission will sign it. The MoU will subsequently become legally binding as a non-binding instrument of the Union.
Sources: DIHK, EU Commission
