What is the Bank of England's new agreement with the EU about?

The Bank of England and EU regulators signed an MoU to enhance cooperation on overseeing critical third-party providers.

How will the UK and EU cooperation improve financial stability?

By coordinating oversight and information sharing for critical third parties, especially during incidents like cyber-attacks.

What are 'critical third parties' in the financial sector?

These are essential service providers whose disruption could impact the financial system, such as in cyber-attacks or outages.

Home / Business and Economy / UK Regulators Partner with EU on Critical Third Parties

UK Regulators Partner with EU on Critical Third Parties

14 Jan

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Summary

UK financial regulators and EU counterparts signed a memorandum.
The agreement enhances cooperation and oversight of critical third parties.
The framework addresses information sharing during incidents like cyber-attacks.

UK Regulators Partner with EU on Critical Third Parties

The Bank of England and other UK financial regulators have formalized a partnership with their European counterparts. This collaboration, established via a memorandum of understanding, creates a structured approach for coordinating efforts and sharing vital information.

The primary objective of this agreement is to enhance the oversight of critical third-party providers. These entities play a crucial role in the financial sector, making their stability paramount for the broader economic landscape.