523.Subsection (1) requires the Treasury, the Bank of England, the FCA and the PRA to prepare and maintain a memorandum describing how they will coordinate the exercise of relevant functions so far as they relate to membership of, or relations with, international organisations. “Relevant functions” for these purposes are defined in section 66(3).
524.Subsection (4) sets out the purpose of the memorandum. Subsection (5) sets out the matters which must be included in the memorandum. These include the requirement that, to the extent appropriate, the UK authorities agree consistent objectives in relation to matters of common interest and the requirement that the memorandum must provide for a committee to coordinate to exercise by the UK authorities of the functions which are subject to the memorandum. A representative of the Treasury is to chair the Committee. Subsection (8) requires the Treasury to publish and to lay before Parliament a copy of the memorandum.