UK: the new financial regulatory framework - memoranda of understanding and a couple of PRA policy statements

Under the UK's new financial regulatory framework, which formally came into existence yesterday, memoranda of understanding are required in respect of financial crisis management and the co-ordination of engagement with EU and international committees and organisations. These memoranda have been published: see, respectively, here (pdf) and here (pdf).

The Prudential Regulation Authority, one of the new regulators, has also published a couple of new policy statements. The first, titled The Prudential Regulation Authority’s approach to enforcement: statutory statements of policy and procedure, is available here (pdf). The second, titled The power of direction over qualifying parent undertakings, is available here (pdf).