UK and EU Financial Authorities Establish Cooperative Oversight Agreement

Financial regulators from the United Kingdom and the European Union have entered into a formal agreement to improve collaborative supervision of essential external service providers. The arrangement involves the Financial Conduct Authority, Bank of England, and Prudential Regulation Authority on the UK side, working with European Supervisory Authorities. This memorandum aims to strengthen monitoring of critical third parties that operate under the UK's regulatory framework for such entities.