ESMA Details Plans for No-Deal EMIR Reporting Post-Brexit

The European Securities and Markets Authority (ESMA ESMA European Securities and Markets Authority (ESMA) is an independent Authority of the European Union that is responsible for the safety, security, and stability of the European Unions’ financial system and is charged with protecting the public. The European supervisory authority for the securities sector, ESMA was established on 1 January 2011. The European Securities and Markets Authority is an independent EU authority based in Paris. It aims to contribute to the effectiveness and stability of t European Securities and Markets Authority (ESMA) is an independent Authority of the European Union that is responsible for the safety, security, and stability of the European Unions’ financial system and is charged with protecting the public. The European supervisory authority for the securities sector, ESMA was established on 1 January 2011. The European Securities and Markets Authority is an independent EU authority based in Paris. It aims to contribute to the effectiveness and stability of t Read this Term) on Friday released a ten-page document discussing EMIR reporting standards if the UK leaves the European Union (EU) with no deal.

The (potentially) good news for compliance-hating financial services employees is that, if the UK does leave the EU without a deal, then UK counterparties would not be mandated to report under EMIR to EU27 Trade Repositories (TRs).

In fact, if the UK does leave without a deal, almost none of the requirements that British firms had to adhere when the country was in the EU will apply anymore. For instance, firms will not have to reconcile any EMIR data if a no-deal Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term occurs.

FCA joins in

For its part, the UK's Financial Conduct Authority (FCA) also released a statement this Friday discussing what firms will have to do once Brexit happens.

The British regulator said that it has launched a conversion regime for TRs based in the UK but who have ESMA registration. TRs in that position, who want to remain in the UK, can join the conversion regime to ensure that they still have a presence in Britain after Brexit takes place.

For firms that are UK legal entities, which are part of the same group as a TR with ESMA registration, there will be a temporary registration regime. Again, the purpose of this is, along with highlighting that the FCA will be regulating them, to ensure that those TRs have a presence in the UK if a no-deal Brexit occurs.