Draft UK-EU Memorandum of Understanding on financial services cooperation published

On 19 May, the UK and EU Commission published the joint text of the draft Memorandum of Understanding (MoU) on regulatory cooperation in financial services.

The MoU is still subject to the internal processes of the European Union, but thereafter HM Treasury and the European Commission intend to sign the MoU shortly. 

The Government looks forward to holding the first meeting of the Forum which is created by the MoU as soon as possible.

Economic Secretary to the Treasury and City Minister Andrew Griffith said:

“This is just the first yet significant step towards a more constructive financial services relationship between the UK and the EU – one that is built upon mutual benefit and in the spirit of cooperation.

“Our financial markets are deeply interconnected and this framework will mean we can engage with our partners in the EU, much as we do with other major partners like the US.”