RBI inks information exchange pact with UK financial body

The Reserve Bank has signed an agreement with the UK's Prudential Regulation Authority and Financial Conduct Authority for supervisory cooperation and exchange of information.

"The Reserve Bank 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," RBI said in a statement.

The central bank had entered into an MoU for supervisory co-operation with the Financial Services Authority (FSA) of the UK in July, 2012.

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, it said.

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, it added.

"With this, the Reserve Bank has entered into Memorandum 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," RBI said.