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RBI signs MoU with PRA and FCA of UK

The Reserve Bank of India has signed an agreement with the Prudential Regulation Authority and Financial Conduct Authority of the UK for supervisory cooperation and exchange of information. RBI said in a statement it has signed separate MoUs on Supervisory Cooperation and Exchange of Supervisory Information with Prudential Regulation Authority and Financial Conduct Authority of UK. RBI had entered into an MoU for supervisory cooperation with the Financial Services Authority of the UK in 2012 but subsequently, as part of comprehensive reforms implemented in UK financial services regulation, 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 cooperation. The statement also added that with this, TBI has entered into MoU/Letter for Supervisory Cooperation and Statement of Cooperation with supervisors of 33 countries to promote greater cooperation and share supervisory information.

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