The EU-UK Memorandum of Understanding in financial services

The first meeting of the EU-UK Joint Forum on Financial Regulation that took place in London last month is important, because the meeting marked the first formal step in rebuilding relationships between governments and supervisors after a bruising few years. It is also limited, because the meeting cannot disguise the impact of Brexit so far, the inevitable future divergence of the UK and EU regulatory frameworks, or the challenges ahead for a closer relationship.

The MOU was part of the original Brexit withdrawal agreement signed in December 2020. But as an indication of the importance and sensitivity ...