ESMA clarifies governance and reporting obligations post-UK withdrawal from the EU

Industry News | 03/02/20

ESMA has published a statement clarifying issues in relation to its governance and the reporting obligations for UK entities following the UK’s withdrawal from the EU. The Financial Conduct Authority (FCA) will no longer be a member of ESMA’s Board of Supervisors or participate in any of ESMA’s other governance bodies (except where exceptionally justified). EU law will however continue to apply to the UK during the transition period until 31 December 2020 including reporting and notification obligations under MiFIDII/MiFIR, EMIR, CSDR, AIFMD, MMFR. ESMA will also continue to directly supervise registered Credit Rating Agencies, Trade Repositories and Securitisation Repositories established in the UK during this period. ESMA says it will continue monitoring the application of EU law to and in the UK, and will closely monitor developments in preparation for the end of the transition period.