On 22 January 2021, the FCA published an amended and restated memorandum of understanding (MoU) between the US Securities Exchange Commission (SEC) and the UK Financial Conduct Authority (FCA). The SEC and the FCA have reached this amended and restated MoU, to reflect, among other things, the UK’s withdrawal from the EU and to express, through this MoU, their willingness to continue to cooperate with each other in the interest of fulfilling their respective regulatory mandates, particularly in the areas of investor protection, fostering market integrity, and maintaining confidence and systemic stability. The MoU entered into force following the end of the Brexit transition period and complements, but does not alter the terms and conditions of the following arrangements concerning cooperation in securities matters:

• MoU on mutual assistance and the exchange of information between (among others) the SEC and the FCA (September 25, 1991, as amended), which covers primarily information-sharing in the context of enforcement investigations.
• IOSCO multilateral MoU concerning consultation and cooperation and the exchange of information, to which the SEC and FCA are signatories, which also covers information-sharing in the context of enforcement investigations.
• MoU between (among others) the SEC and the FCA (October 27, 1997).
• MoU concerning consultation, cooperation and the exchange of information related to the supervision of covered entities in the alternative investment fund industry between the SEC and the FCA (March 29, 2019).

In particular, the updated MoU does not alter existing understandings between the SEC and the FCA in the area of enforcement and does not alter or supersede the 2006 SEC-Bank of England MoU. However, the updated MoU supersedes the 2006 SEC-FCA MoU.