Memorandum of Understanding concerning EU critical benchmarks between ESMA and the FCA [pdf]

The Financial Conduct Authority, FCA, has published a new Memorandum of Understanding (MoU) concluded between the Authority itself and the European Securities and Markets Authority (ESMA) as regards the exchange of information in connection with EU-designated critical benchmarks pursuant to Article 20 of the Retained Benchmark Regulation (UK BMR). Specifically, the parties agree to
(1) exchange information on EU-designated critical benchmarks whose administrators are supervised by ESMA including information on
– regulatory developments pertaining to critical benchmarks and their administrators;
– supervisory actions pertaining to critical benchmark providers;
– any findings or assessments conducted by the supervisory authority pertaining to any one critical benchmark administrator; and
– any changes in the composition or computation methodology of a critical benchmark.
(2) cooperate in important matters such as
– the monitoring of activities of critical benchmark providers or
– the performance of on-site inspections by the FCA.
The MoU also outlines the procedure that is to be applied when seeking specific information from the „other“ regulator and some formal requirements such as the maintenance of contact lists by all involved parties or the adherance to confidentiality and data protection rules.