BaFin, Germany's financial watchdog, has said it will work with the UK's Financial Conduct Authority to reach agreements bilaterally ahead of Brexit if the UK is unable to conclude a deal with the EU. An EU summit this month failed to secure agreement on these. The move is a contingency plan to avoid market disruption in the event of a no-deal Brexit. Regulators from the EU would like to agree to multilateral memorandums of understanding but stalling talks over the withdrawal agreement have impeded progress. A spokesman for the FCA said: "We are working closely with our counterparts at the Bank and Treasury on this issue as we prepare for any potential impact that leaving the European Union may have.
BaFin, Germany's financial watchdog, has said it will work with the UK's Financial Conduct Authority to reach agreements bilaterally ahead of Brexit if the UK is unable to conclude a deal with the EU. The move is a contingency plan to avoid market disruption in the event of a no-deal Brexit. Regulators from the EU would like to agree to multilateral memorandums of understanding but stalling talks over the withdrawal agreement have impeded progress. A spokesman for the FCA said: "We are working closely with our counterparts at the Bank and Treasury on this issue as we prepare for any potential impact that leaving the European Union may have.