Brexit and financial services—financial market infrastructures (FMIs)
Brexit and financial services—financial market infrastructures (FMIs)

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Brexit and financial services—financial market infrastructures (FMIs)
  • Temporary recognition regime for non-UK CCPs
  • Non-UK CCP run-off regime
  • Trade repositories
  • Getting registered under UK EMIR
  • Getting registered under UK SFTR
  • Application to convert ESMA EMIR or ESMA SFTR registration
  • Application to register a new UK legal entity and enter the TRR under UK EMIR or UK SFTR
  • Application for a new registration
  • List of TRs that intend to operate under UK EMIR in the UK after 31 December 2020
  • More...

This Practice Note considers the impact of the UK’s withdrawal from the EU on the supervision of central counterparties (CCPs), trade repositories, and central securities depositories (CSDs) in the UK, including the temporary recognition regime and run-off regime for non-UK CCPs, the temporary registration regime and conversion regime for UK trade repositories, and the transitional regime for non-UK CSDs, as well as the temporary designation regime for settlement finality.

The European Union (Withdrawal) Act 2018, as amended by the European Union (Withdrawal Agreement) Act 2020, makes provision for the ratification and implementation in domestic law of the Withdrawal Agreement between the UK and the EU. The Withdrawal Agreement sets out the arrangements for the UK’s withdrawal from the EU. It includes a transition period (or, to use the UK government’s phraseology, an ‘implementation period’) beginning on 31 January 2020 and ending on 31 December 2020 (IP completion day). During the implementation period, the UK will be treated, for most purposes, as if it were still an EU Member State with access to EU markets on current terms and, importantly, maintaining current passporting and Treaty rights.

During the implementation period, CCPs authorised or recognised by the European Securities and Markets Authority (ESMA) will continue to be able to provide clearing services in the UK pursuant to the European Market Infrastructure Regulation (EU) 648/2012 (EMIR), and trade repositories

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