On 20 March 2019, the European Banking Authority (EBA) published a press release announcing that it has agreed a template for the memorandum of understanding (MoU) outlining provisions of supervisory cooperation and information exchange between the EU supervisory authorities and the UK PRA and FCA. The template will serve as the basis for bilateral MoUs that are being negotiated and signed by the relevant EU competent authorities and the UK authorities.
The template covers both general concepts of information exchange and supervisory cooperation and specific aspects of cooperation in performing the most common supervisory tasks. Its aim is to ensure that there are no breakdowns in the supervision of cross-border financial institutions in a no-deal scenario. The template is reportedly similar to the MoUs already concluded between the EU and other non-EU, third country, supervisory authorities.