UK and EU regulators sign Memorandum of Understanding to strengthen oversight of critical third parties
Why this matters
This regulatory update is relevant for banks, asset managers, and wealth managers as it strengthens oversight of critical third parties, which is a key operational resilience and prudential concern. The enhanced cooperation between UK and EU regulators also has implications for authorization and licensing of firms operating across jurisdictions.
AI-generated classification rationale, not a full analysis. Verify with the original BoE source before acting. Full disclaimer.
What the BoE said
The Financial Conduct Authority, Bank of England and Prudential Regulation Authority (UK regulators) have together signed a Memorandum of Understanding (MoU) with the European Supervisory Authorities to enhance cooperation and oversight of critical third parties (CTPs) that fall under the UK’s CTP regime.
Published by BoE . Read the full notice at the source for the authoritative text.
Context
Bank of England (BoE) — UK central bank overseeing monetary policy and financial stability. We track 247 updates from them.
Financial services regulation in the UK, primarily overseen by the FCA and PRA. Browse all United Kingdom updates.
This update is classified under Operational Resilience / Outsourcing, Prudential / Capital Requirements, Authorisation & Licensing and Banking & Credit.