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July 13, 2017

ESMA published three opinions setting out sector-specific principles in the areas of investment firms, investment management, and secondary markets. These principles are aimed to foster consistency in authorization, supervision, and enforcement related to the relocation of entities, activities, and functions from the UK. The UK plays a prominent role in EU financial markets and the possible relocation of entities, activities, and functions to 27 member states that will remain in the EU (EU27) creates a unique situation requiring a common effort, at the EU level, to safeguard investor protection, the orderly functioning of financial markets, and financial stability.

The opinions, building on the general opinion issued in May, are practical tools to support supervisory convergence in the context of requests from the UK financial market participants seeking to relocate to EU27. They are addressed to the national competent authorities and are relevant for market participants considering relocating. The opinions assume that the UK will become a third country after its withdrawal from EU and are without prejudice to any specific arrangements that may be agreed between EU27 and the UK and to any future ESMA opinions or other convergence tools. They provide guidance to the national competent authorities and aim to ensure a consistent interpretation of the requirements related to authorization, supervision, and enforcement to avoid the development of regulatory and supervisory arbitrage risks.

 

Related Link: Sector-Specific Principles (PDF)

Keywords: Europe, United Kingdom, Securities, Brexit, EU27, EU, ESMA

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