MoU between ESMA and the FCA concerning EU Critical Benchmarks

The European Securities and Markets Authority, ESMA, has published a Memorandum of Understanding (MoU) concluded between itself and the UK Financial Conduct Authority (FCA) as regards EU Critical Benchmarks. Therein, the regulators agree to create appropriate mechanism for the efficient exchange of information in relation to EU critical benchmarks and non-critical benchmarks provided by administrators of EU critical benchmarks supervised by ESMA.
They also agree on a regular exchange of information regarding Covered Administrators in respect of their provision of Covered Benchmarks, ESMA and FCA intend to cooperate regarding general issues, operational issues, the coordination of supervisory activities and any other areas of mutual interest. The purpose of the MoU, so ESMA, is to facilitate an effective supervision of compliance with EU rules and regulations of EU Critical Benchmarks and also to ensure that the regulations of the UK Financial Conduct Authority (FCA) are and remain consistent with those in the EU as regards the supervision of EU Critical Benchmarks. The agreement was published on January 30, 2023.