Update on Bank of England and Financial Conduct Authority Memorandum of Understanding on the supervision of market infrastructure and payment systems

The Bank of England’s Prudential Regulation Authority (PRA) has issued a press statement to inform of the findings from a recent review of its Memorandum of Understanding (MoU) concluded by the PRA itself and the Financial Conduct Authority (FCA) as regards the supervision of financial market infrastructures.
Having engaged with stakeholders, e.g. central counterparties (CCPs) and recognized investment exchanges (RIEs), to hear about the effectiveness of the joint supervision and having reviewed the level and effectiveness of the cooperation arrangement, both regulators concluded that the provisions in the MoU are sufficient and adequate and shall remain as is.
To conclude, the PRA states that „the Bank and FCA will continue to deepen co-operation by working together on joint reviews where possible, including conducting joint reviews on cyber security (CBEST), and will seek to complement each other’s objectives and avoid duplication of effort when information gathering“.