No-Deal Brexit

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On November 25, the European Securities and Markets Authority (ESMA) published a statement regarding the impact on the derivatives trading obligation (DTO) under Article 28 of the Markets in Financial Instruments Regulation (600/2014) (MiFIR) following the United Kingdom’s withdrawal from the European Union on December 31 (the Statement).
Continue Reading ESMA Publishes Statement Regarding Post-Brexit Impact on MiFIR Derivatives Trading Obligation

On October 26, the European Securities and Markets Authority (ESMA) published a statement on the impact of the UK’s departure from the EU on December 31, relating to the requirement for EU investment firms only to trade shares on an EU trading venue, with an EU systemic internalizer or on an equivalent third-country exchange (known as the share trading obligation or STO) under Article 23 of the Markets in Financial Instruments Regulation (MiFIR) (the Statement).
Continue Reading ESMA Publishes Statement on Trading Obligation for Shares Under MiFIR After Brexit

On June 12, and ahead of the European Council meeting on June 20 and 21, the European Commission (EC) adopted a fifth Brexit Preparedness Communication, taking stock of the European Union’s preparations and contingency measures if the United Kingdom exits the European Union without a deal or an implementation period (No-Deal Brexit).
Continue Reading European Commission Adopts Fifth Communication Regarding Preparations for a No-Deal Brexit

On March 29, the UK Financial Conduct Authority (FCA) issued a press release announcing that it had published its final instruments and guidance that will apply if the United Kingdom withdraws from the European Union without a deal or an implementation period (No-Deal Brexit).
Continue Reading FCA Confirms Final Rules and Guidance for Firms for No-Deal Brexit

On May 25, the Commodity Futures Trading Commission adopted an interim final rule designed to provide greater certainty to the global marketplace in the event of a “no-deal Brexit.”

In the event that the UK leaves the EU without a negotiated withdrawal agreement, affected swap dealers and major swap participants may be required to transfer…

On March 25, the UK Financial Conduct Authority (FCA) updated its webpage on the temporary permissions regime (TPR) to announce that it intends to extend the notification window for European Economic Area (EEA) firms and fund managers wishing to enter the TPR to the end of April 11. On March 26, the UK Prudential Regulation Authority (PRA) also updated its webpage on the TPR to make an equivalent announcement. (For more information on the TPR, please see the Corporate & Financial Weekly Digest edition of January 11, 2019.)
Continue Reading FCA and PRA Publish Updates to the Temporary Permissions Regime

On March 28, the European Securities and Markets Association (ESMA) published a statement updating market participants on its preparations for the United Kingdom’s withdrawal from the European Union, in the event of an agreement on transitional arrangements (Withdrawal Agreement) not being in place (No-Deal Brexit). ESMA’s update follows the European Council’s (EC’s) agreement to the UK government’s request to extend the United Kingdom’s withdrawal from the European Union (Brexit) to either April 12 if the House of Commons does not approve a Withdrawal Agreement by March 29, or to May 22 if it does.
Continue Reading ESMA Publishes Statement on Preparations Regarding Clearing and Settlement for a No-Deal Brexit

On March 19, the European Securities and Markets Authority (ESMA) published a statement on the impact on the Markets in Financial Instruments Regulation (MiFIR) trading obligation for shares (TO) if the United Kingdom left the European Union on March 29 (Brexit) without a withdrawal agreement (no-deal Brexit) and without an equivalence decision for the United Kingdom made by the European Commission.
Continue Reading ESMA Publishes Statement on the Impact on the MiFIR Trading Obligation for Shares; the FCA Responds

On March 4, the United Kingdom Financial Conduct Authority (FCA) published a document containing statements of policy on how it intends to operate the transparency regime under the retained UK version of the European Union’s Markets in Financial Instruments Regulation (UK MiFIR), if the United Kingdom leaves the European Union without an implementation period.

The FCA states on a webpage related to the statements of policy that they outline how it will use its decision-making powers relating to the transparency regime in these circumstances. The FCA also notes that it will have a degree of flexibility during a four-year transitional period to allow it to build the systems needed as currently operated by the European Securities and Markets Authority and to change the regime if necessary to reflect a move from an EU-wide trading data set to one that is solely related to the United Kingdom.Continue Reading FCA Publishes Statement on Operation of UK MiFIR Transparency Following No-Deal Brexit

On March 7, the European Securities and Markets Authority (ESMA) published a statement outlining its approach to the application of key provisions of the revised Markets in Financial Instruments Directive (MiFID II), Markets in Financial Instruments Regulation (MiFIR) and the Benchmarks Regulation (BMR), in the event that the United Kingdom leaves the European Union without a withdrawal agreement (no-deal Brexit).
Continue Reading ESMA Statement on Application of MiFID II, MiFIR and BMR Provisions in No-Deal Brexit