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Memorandum of understanding between the FRC and the PRA

  • FRC Image
  • PRA Image

18 Dec 2013

The Financial Reporting Council (FRC) and the Prudential Regulation Authority (PRA) have entered into a memorandum of understanding (MoU) which seeks to formalise the principles for ongoing cooperation and coordination between the two organisations.

The MoU seeks to assist both organisations in carrying out their respective regulatory responsibilities.  It covers areas such as:

  • Information sharing;
  • Co-operation in the area of standard-setting;     
  • Co-operation on monitoring and enforcement; and
  • Co-operation in the area of the FRC’s oversight responsibilities.

Senior directors of the FRC and the PRA will be responsible for the co-ordination set out in the MoU and will meet twice yearly to assess the effectiveness and efficiency of the co-ordination and co-operation.

The MoU can be obtained from the Bank of England website.

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