EIOPA’s post-Brexit MoUs with UK authorities take effect

The European Insurance and Occupational Pensions Authority’s (EIOPA) memoranda of understandings (MoUs) with several UK authorities in the area of pensions and insurance have come into effect.

As reported by our sister publication, European Pensions, the MoUs were agreed on 5 March 2019 between EIOPA, all of the European Economic Area’s (EEA) national competent authorities (NCAs) and the Bank of England in its capacity as the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

Following the end of the Brexit transition period on 31 December 2020, the MoUs came into effect on 1 January 2021.

In addition, EIOPA has agreed a multilateral memorandum of understanding with The Pensions Regulator, which also came into effect on 1 January 2021.

Several MoUs were agreed including a multilateral MoU on supervisory cooperation, enforcement and information exchange between the EEA NCAs and the UK authorities. A bilateral MoU between EIOPA and the UK authorities on information exchange and mutual assistance in the field of insurance regulation and supervision was also put in place.

“These MoUs ensure cooperation in the fields of insurance prudential and conduct supervision, for mutual assistance and regular exchange of information,” EIOPA stated.

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