The UK Financial Conduct Authority ("FCA") and the European Securities and Market Authority (or "ESMA") (see here and here, respectively) confirmed that the Memoranda of Understanding signed in February 2019 ("MoUs"), on cooperation and information exchange regarding the activities of credit rating agencies, trade repositories and asset managers, remain valid and will go into effect on December 31, 2020. That is the expiration date of the UK's transition period for leaving the EU.

As previously covered, the MoUs among the FCA, the EU and the European Economic Area National Competent Authorities (i) provide for "supervisory cooperation, enforcement and information exchange" and (ii) allow the regulators to access information on "market surveillance, investment services and asset management activities."