On March 26, HM Treasury published a press release announcing it had concluded technical discussions on the text of the Memorandum of Understanding (MoU) for UK-EU regulatory cooperation in financial services (the Press Release).

HM Treasury states that formal steps are required from both the UK and the EU before the MoU can be signed, which is expected promptly.

The MoU intends to create the framework for voluntary regulatory cooperation in financial services between the UK and the EU. It will establish the Joint UK-EU Financial Regulatory Forum, which will act as a platform to facilitate discussion on financial services issues.