The European Banking Authority (EBA) has published a press release announcing that the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the EBA have agreed a template Memorandum of Understanding (MoU). The template sets out the expectations for supervisory cooperation and information-sharing arrangements between UK and EU/EEA national authorities. Once signed, the bilateral MoUs will allow uninterrupted information sharing and supervisory cooperation post-Brexit. The MoUs will only take effect in the event of a no-deal scenario. Further information can be found in the FCA press release and the PRA press release. In February 2019, the FCA agreed a MoU with the European Securities and Markets Authority (ESMA) and EU regulators to enable delegation models post-Brexit. See our update of 13 February 2019 for more detail on this.