UK and EU regulators update on Brexit

On Brexit day:

  • FCA has issued an update including new Handbook Instruments, including an instrument providing guidance on the implementation period and updates to various existing guidance about EU non-legislative materials and forms;
  • ESMA has clarified that from 1 February the FCA will no longer be a member of ESMA’s board of supervisors or participate in its governance bodies, but that all rights and obligations on firms such as reporting and notification obligations will apply throughout the transition period, and ESMA will still be the direct supervisor of UK-established registered CRAs, Trade Repositories and Securitisation Repositories; and
  • ESMA is consulting on draft technical standards on the provision of investment services and activities by third-country firms under MiFID 2 and MiFIR. It needs to do this because of the new Investment Firms Regulation, which requires significant reporting from third country firms. The existing RTS that apply to these firms is no longer fit for purpose given the new requirements, so ESMA needs to redraft them and poses a number of questions on the approach it should take.  It asks for comment by 31 March.




Emma Radmore