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FCA cooperation with overseas regulators: practical guidance on cross-border information requests and investigations—FSMA powers, MoUs, interviews, confidentiality, and co-ordinating parallel UK and foreign proceedings
PRACTICE NOTES
FCA cooperation with overseas regulators: practical guidance on cross-border information requests and investigations—FSMA powers, MoUs, interviews, confidentiality, and co-ordinating parallel UK and foreign proceedings
This Practice Note explores international regulatory cooperation with an emphasis on cross-border regulatory investigations. It outlines the Financial Conduct Authority’s (FCA) statutory obligation to collaborate with overseas authorities and the supervisory and investigatory powers it may deploy to support those authorities’ inquiries. It also explains how cross-border investigations operate in practice and offers practical guidance for individuals responding to an overseas regulator’s information request or engaged in concurrent cross-border investigations... Key points The FCA is legally required to cooperate with overseas regulators; this can range from supplying requested information to using its own investigatory powers on an overseas authority’s behalf The FCA retains discretion over the scope of its cooperation and is subject to defined limits on the assistance it may provide Early, proactive and inquisitive engagement can benefit recipients of information requests and those who are the subject of
Financial Services
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