Brexit: FMA signs multilateral MoU with FCA

In preparation for the case of no-deal Brexit the Liechtenstein FMA has concluded a multilateral Memorandum of Understanding (MMoU) with the british Financial Conduct Authority (FCA). The MMoU covers supervisory cooperation, enforcement and information exchange between the FMA and the FCA, and will allow them to share information relating to, amongst others, market surveillance, asset management activities and investment services. This, in turn, will allow certain activities, such as fund manager outsourcing and delegation, to continue to be carried out by UK based entities on behalf of counterparties based in Liechtenstein. The agreement will only enter into force in case of a „hard“ Brexit.