EU and UK Sign Benchmark MOU
Categorised: The Stream | Tags: administration, authority, benchmark, ESMA, FCA, regulation
Posted by Colin Lambert. Last updated: January 27, 2023
Posted by Colin Lambert. Last updated: January 27, 2023
The European Securities and Markets Authority (ESMA) and the UK Financial Conduct Authority (FCA) have agreed a new Memorandum of Understanding (MoU) regarding cooperation and the exchange of information with respect to benchmark administrators based in the UK.
The MoU concerns benchmark administrators who seek recognition or are recognised in the EU and enables ESMA to start recognising benchmarks administrators from the UK.
Under the EU’s Benchmark Regulation, when a non-EU benchmarks administrator applying for recognition in the EU is subject to supervision in its home jurisdiction, ESMA must first establish an MOU with the relevant non-EU authority as a prerequisite for ESMA to be able to grant recognition to that non-EU administrator.