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

Related Articles
News

US Agencies Adopt Rule to Exclude Community Banks from Volcker Rule

US Agencies (CFTC, FDIC, FED, OCC, and SEC) adopted a final rule to exclude community banks from the Volcker Rule, in line with amendments to certain sections of the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act.

July 22, 2019 WebPage Regulatory News
News

US Agencies Adopt Amendments to Simplify Regulatory Capital Rules

US Agencies (FDIC, FED, and OCC) adopted a final rule that reduces regulatory burden by simplifying several requirements in the regulatory capital rules for banks.

July 22, 2019 WebPage Regulatory News
News

IA of Hong Kong Delegates Inspection and Investigation Powers to HKMA

HKMA and IA of Hong Kong jointly issued a statement announcing the delegation of the inspection and investigation powers of IA to HKMA, pursuant to the statutory regulatory regime for insurance intermediaries under the Insurance Ordinance.

July 19, 2019 WebPage Regulatory News
News

FSB Extends Implementation Timeline for Policy Recommendations on SFTs

FSB announced adjustments to the implementation timelines for its recommendations on securities financing transactions (SFTs), specifically those related to the minimum haircut standards for non-centrally cleared SFTs.

July 19, 2019 WebPage Regulatory News
News

EBA Single Rulebook Q&A: Third Update for July 2019

EBA published answers to six questions under the Single Rulebook question and answer (Q&A) tool this week.

July 19, 2019 WebPage Regulatory News
News

EBA Report Assesses Regulatory Framework for Fintech Activities

EBA published the findings of its analysis on the regulatory framework applicable to fintech firms when accessing the market.

July 18, 2019 WebPage Regulatory News
News

OSFI Revises Capital Requirements for Operational Risk for Banks

OSFI is revising its capital requirements for operational risk, in line with the final Basel III revisions published by BCBS in December 2017.

July 18, 2019 WebPage Regulatory News
News

OSFI Consults on Revised Principles for Management of Liquidity Risk

OSFI proposed revisions to Guideline B-6 on the principles for the management of liquidity risk.

July 18, 2019 WebPage Regulatory News
News

ESMA Guidance on Disclosures for Credit Rating Sustainability Issues

ESMA published the technical advice on sustainability considerations in the credit rating market, along with the final guidelines on disclosure requirements applicable to credit ratings.

July 18, 2019 WebPage Regulatory News
News

FASB Issues Q&A on Estimation of Expected Credit Losses by Firms

FASB issued a second question-and-answer (Q&A) document that addresses more than a dozen frequently asked questions related to the Accounting Standards Update No. 2016-13 titled “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.”

July 17, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3482