On 27 June 2023, HM Treasury announced that the UK and EU have signed a Memorandum of Understanding (MoU) on regulatory cooperation in financial services.
The MoU sets out plans for UK/EU cooperation and is intended to help establish a constructive and mutually beneficial relationship between the UK and the EU in financial services.
The agreement will create an ongoing forum for HM Treasury and the European Commission to discuss voluntary regulatory cooperation on financial services issues of mutual interest. Both sides will share information, work together towards meeting joint challenges and coordinate positions where appropriate on issues ahead of G7, G20 and other international meetings.
The UK and EU committed to the MoU alongside the post-Brexit Trade and Cooperation Agreement. It adds to the growing number of regulatory cooperation arrangements the UK already has with major financial sector partners, including the US, Japan and Singapore.