ESMA: Impact On Databases And IT Of No-deal Brexit
The European Securities and Markets Authority (ESMA) has today published a statement in relation to the impact on ESMA’s databases and IT systems of a no-deal Brexit scenario on 29 March 2019.
This statement complements the previous statement on the use of UK data in ESMA’s databases and performance of MiFID II calculations in case of a no-deal Brexit from 5 February 2019 and provides further details related to the operation of ESMA data systems during the period following a no-deal Brexit occurring on 29 March 2019.
This statement covers the actions related to the following systems:
Financial Instruments Reference Data System (FIRDS);
Financial Instrument Transparency System (FITRS);
Double Volume Cap System (DVCAP);
Transaction reporting systems; and
ESMA’s registers and data.
This statement also sets out ESMA’s further communication plan to external stakeholders.
European firms could operate temporarily in the UK after Brexit while seeking full authorisation.
The total value of UK financial services exports remained stable in 2020.
Temporary equivalence was set to expire on June 30, 2022.
The Bank has new powers for reviewing CCPs following Brexit.
Restricting access to London CCPs would result in collateral damage for EU banks and end users.