{
  "url": "https://openlegislation.uk/financial-services-act-2012/section-66",
  "json_url": "https://openlegislation.uk/financial-services-act-2012/section-66.json",
  "legislation": "ukpga/2012/21",
  "legislation_title": "Financial Services Act 2012",
  "legislation_url": "https://openlegislation.uk/financial-services-act-2012",
  "path": "section/66",
  "kind": "section",
  "number": "66",
  "heading": "Memorandum of understanding: international organisations",
  "text": "(1) The Treasury, the Bank of England, the FCA and the PRA (“the UK authorities”) must prepare and maintain a memorandum describing how they intend to co-ordinate the exercise of their relevant functions so far as they relate to membership of, or relations with, ... international organisations.\n(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(3) “Relevant function”—\n(a) in relation to the FCA or the PRA, means any of its functions;\n(b) in relation to the Bank of England, means any of its functions relating to the stability of the UK financial system or the regulation of financial services;\n(c) in relation to the Treasury, means any of their functions relating to the matters mentioned in paragraph (b).\n(4) The memorandum is to be made with a view to ensuring—\n(a) that, to the extent that it is appropriate to do so, the UK authorities agree consistent objectives in relation to matters of common interest;\n(b) that, to the extent that it is appropriate to do so, they exercise their relevant functions in a way that is likely to advance those objectives;\n(c) that they exercise their relevant functions in a way that is consistent and effective.\n(5) The memorandum must, in particular, make provision—\n(a) stating, in relation to each of the UK authorities, those international organisations of which it is a member or with which it has relations and which are concerned with matters that are related to its relevant functions;\n(b) for there to be a committee for the purposes of the co-ordination mentioned in subsection (1);\n(c) for that committee to include representatives of the UK authorities and to be chaired by a representative of the Treasury;\n(d) about the procedures to be followed by the UK authorities in agreeing consistent objectives in relation to matters that materially affect 2 or more of them;\n(e) about how the UK authorities will consult each other about the discharge of their relevant functions relating to international organisations.\n(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(7) The UK authorities may, with the agreement of a body exercising functions relating to the stability of the UK financial system or the regulation of financial services, include in the memorandum provisions relating to co-operation between any of them and that body in relation to membership of, or relations with, ... international organisations.\n(8) The Treasury must—\n(a) lay before Parliament a copy of the memorandum and any revised memorandum, and\n(b) publish the memorandum as currently in force in such manner as they think fit.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 66(1) omitted (31.12.2020) by virtue of The Bank of England (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1297), regs. 1(2), 8(3)(a); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "S. 66(2)(6) omitted (31.12.2020) by virtue of The Bank of England (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1297), regs. 1(2), 8(3)(b); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in s. 66(7) omitted (31.12.2020) by virtue of The Bank of England (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1297), regs. 1(2), 8(3)(c); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "S. 66 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3"
    },
    {
      "type": "I",
      "label": "I2",
      "text": "S. 66 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2012/21/section/66",
    "retrieved_at": "2026-10-29T09:08:36.918830+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}