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    EC, ESMA, and SRB Issue Statements on Withdrawal of UK from EU

    January 31, 2020

    EC, ESMA, and SRB published statements on the withdrawal of UK from EU. The terms of the Withdrawal Agreement stipulate that UK representatives will no longer be permitted to participate in the EU institutions, agencies, or other bodies, and their governance structures, except where exceptionally justified. By virtue of the Withdrawal Agreement, EU law will continue to apply to the UK, as if it were a member state, during the transition period from February 01, 2020 to December 31, 2020.

    EC mentioned that, on February 03, it will adopt and present draft negotiating directives for the future relationship negotiations with UK to the Council. EC also published a joint press statement by the EC President Ursula von der Leyen on the withdrawal of UK from EU. Additionally, EC published questions and answers (Q&As) on withdrawal of UK from EU.

    ESMA published a statement to clarify issues related to the governance and the reporting obligations for UK entities from February 01, 2020, following the withdrawal of UK from EU. From February 01, the UK FCA will no longer be a member of the Board of Supervisors of ESMA or participate in any of the other governance bodies of ESMA. During the transition period, ESMA will continue to directly supervise the registered credit rating agencies, trade repositories, and securitization repositories established in the UK. In the coming eleven months, ESMA will continue to monitor the application of EU law to/in the UK and will closely monitor developments in preparation for the end of the transition period. 

    In its statement, SRB notified that, during the transition period, the MREL-eligible liabilities governed by UK law will be treated as if they were governed by a member state law. After that, they will be treated as third-country liabilities and may need additional clauses. The impact of Brexit will be taken into consideration in the resolution planning work of SRB, for the 2020 resolution planning cycle and beyond.

     

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    Keywords: Europe, EU, UK, Banking, Securities, Brexit, Withdrawal Agreement, Transition Period, Q&A, Credit Rating Agencies, EC, ESMA, SRB

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