ESMA adopts new recognition decisions for CCPs post-Brexit
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ESMA adopts new recognition decisions for CCPs post-Brexit 05 April 2019Paris Reporter: Jenna Lomax
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The European Securities and Markets Authority (ESMA) has adopted new recognition decisions for the three central counterparties (CCPs) and the central securities depository (CSD) established in the UK to reflect the extension to the Article 50 of the Treaty of the EU period to 12 April 2019.
Following the adoption of the amended equivalence decisions in relation to UK CCPs and the CSD by the European Commission on 3 April 2019, ESMA has issued new recognition decisions to make sure that UK CCPs and the CSD are recognised in the event of a possible no-deal Brexit on 12 April.
The recognition decisions would take effect on the date following the UK’s exit from the EU, under a no-deal Brexit scenario.
ESMA announced on 18 February and 1 March 2019 that in the event of a no-deal Brexit, and without an extension to the Article 50 Treaty of the EU period, it would recognise the three UK CCPs and the UK CSD.
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