ESMA tells market participants to continue preparations for the end of the UK transition period

17 July 2020

Metadata

Provider:

URL:

Retrieved on:

Saturday, July 18, 2020

Information

Tags:

Summary

Key Points:

17 July 2020
The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, urges financial market participants to finalise preparations and implement suitable contingency plans in advance of the end of the United Kingdoms (UK) transition period on 31 December 2020.
ESMA also confirms that previously agreed Memoranda of Understandings (MoUs) on cooperation and information exchange concluded with the UKs Financial Conduct Authority (FCA) remain valid and will come into effect at the end of the transition period.
On 1 January 2021, once the UKs transition period ends, financial market participants whose activity might be impacted should have fully implemented their preparatory measures to mitigate any risks stemming from the end of the transition period.
ESMA will continue to review its Brexit-related statements, in particular in relation to operational issues, and will further communicate in due course.