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ESMA sets out its approach to several MiFID II/MiFIR and BMR provisions under a no-deal Brexit

07 March 2019

The European Securities and Markets Authority (ESMA) has today published a statement on its approach to the application of some key MiFID II/MiFIR and Benchmark (BMR) provisions should the United Kingdom (UK) leave the European Union (EU) under a no-deal Brexit.  

ESMA’s statement aims to inform stakeholders on the approach it will take in relation to these provisions. It sets out details on the following MiFID II and BMR aspects under a no-deal Brexit:

  • The MiFID II C(6) carve-out;
  • Trading obligation for derivatives;
  • ESMA opinions on post-trade transparency and position limits;
  • Post-trade transparency for OTC transactions between EU investment firms and UK counterparties; and
  • BMR: ESMA register of administrators and 3rd country benchmarks.

Next steps

There is still uncertainty as to the final timing and conditions of Brexit. Should the timing and conditions of Brexit change, ESMA may adjust its approach and will inform the public of any changes in its approach as soon as possible.