Regulatory Alerts2018-10-01
PA-FSCA Memorandum of Understanding
The Prudential Authority and the Financial Sector Conduct Authority have issued this Memorandum of Understanding to formalize their cooperation and coordination under the Financial Sector Regulation Act, 2017. The agreement mandates ongoing information sharing, establishes clear procedures for licensing concurrence and regulatory delegation, and outlines collaborative frameworks for supervisory inspections, enforcement, and financial stability. It further defines specific actions requiring mutual approval, sets out mechanisms for resolving inter-agency conflicts, and commits both regulators to minimizing duplication while jointly managing the recovery and resolution of systemically important financial institutions.
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