The agreements were necessitated after the UK introduced changes in its financial services regulations
The Dollar Business Bureau
The Reserve Bank of India (RBI) on Wednesday said that it has signed agreements with Britain’s two regulatory bodies to ensure greater supervisory cooperation and exchange of information related to financial markets.
The RBI signed separate Memoranda of Understanding (MoUs) on “supervisory cooperation and exchange of supervisory information” with Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), United Kingdom, the central bank said in a statement.
Though the Reserve Bank had entered into an agreement with the Financial Services Authority (FSA) of the UK in July 2012, fresh agreements were necessitated after the UK introduced changes in its financial services regulations.
Subsequently, as part of comprehensive reforms, the functions exercised by FSA were transferred to PRA, FCA and Bank of England.
“The transfer of functions from FSA to PRA and FCA necessitated signing of separate MoUs for supervisory co-operation between the Reserve Bank and the PRA and FCA,” the RBI said.
India already has such pacts with 32 other countries. With the new agreements, “the Reserve Bank has entered into Memoranda of Understanding/ Letter for Supervisory Co-operation and Statement of Co-operation with supervisors of 33 countries to promote greater co-operation and share supervisory information”, the statement said.
The RBI signed separate MoUs with Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), United Kingdom
December 02, 2015 | 3:30pm IST