The European Securities and Markets Authority has agreed on an agreement on supervisory cooperation with Britain after leaving the EU to avoid disruption of cross-border financial services such as asset management.

"The board of directors has already approved the memorandum of understanding and will give more details soon," a spokesman for the European Securities and Markets Authority (ESMA)said on Wednesday.

The memorandum of understanding was negotiated with the UK's Financial Behavior Authority to ensure that the EU and UK regulators agree to exchange information on financial companies and cross-border business activities.

Britain is expected to leave the European Union on March 29.

A memorandum of understanding is a normative feature of supervisory relations between the Union and non-bloc States.

Source: Yemen News Agency

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