(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.

(2) [deleted]

(3) "Relevant function" -

(a) in relation to the FCA or the PRA, means any of its functions;

(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;

(c) in relation to the Treasury, means any of their functions relating to the matters mentioned in paragraph (b).

(4) The memorandum is to be made with a view to ensuring -

(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;