Featured Product

    ESMA Reminds Firms to Submit Authorization Applications Before Brexit

    July 12, 2018

    ESMA issued a Public Statement to raise the awareness of all market participants on the importance to prepare for the possibility of no agreement in the context of the UK withdrawing from EU (Brexit). As there is no assurance that a transition period will be agreed upon, entities need to consider the scenario where a hard Brexit would take place on March 30, 2019. ESMA emphasizes the importance of the timeline to submit requests for authorization to the national competent authorities and to ESMA for the regulated entities wishing to relocate in the context of Brexit.

    On March 30, 2019, firms must have a fully authorized legal entity located in the EU27 to continue providing services in the EU27. ESMA has seen an increase in the number of authorization requests submitted to EU27 authorities. Against this background, ESMA urges entities wishing to relocate to the EU27 to submit their application for authorization as soon as possible to allow it to be processed before March 29, 2019. Some national competent authorities have already been clear to entities that, unless an application is received in the month of June/July, there is no guarantee that authorization will be achievable before March 29, 2019. ESMA reminds entities that the time required to analyze an authorization request depends primarily on the quality of the application file and encourages entities to be complete and accurate in their filing for authorization. ESMA invites entities to contact the relevant national competent authorities, or ESMA in the case of CRAs/trade repositories, as soon as possible in case they have not yet done so.

     

    Related Links

    Keywords: Europe, EU, Banking, Securities, Insurance, Brexit, CRAs, Authorization Applications, ESMA

    Related Articles
    News

    SEC Finalizes Capital and Margin Requirements for Security-Based Swaps

    SEC adopted a package of rules and rule amendments to establish capital, margin, and segregation requirements for security-based swaps, under Title VII of the Dodd-Frank Act.

    August 22, 2019 WebPage Regulatory News
    News

    ECB Revises Prudential Provisioning Expectations for New NPEs

    ECB is revising its supervisory expectations for prudential provisioning of new non-performing exposures (NPEs) specified in the “Addendum to the ECB Guidance to banks on non-performing loans” (Addendum)

    August 22, 2019 WebPage Regulatory News
    News

    CFTC Proposes to Revise Information Collection on Margin Requirements

    CFTC is requesting comments on the burdens associated with certain aspects of the Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants (final rule).

    August 21, 2019 WebPage Regulatory News
    News

    FASB to Delay Effective Date for Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant all insurance companies that issue long-duration contracts, such as life insurance and annuities, additional time to apply the standard that addresses this area of financial reporting.

    August 21, 2019 WebPage Regulatory News
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.9

    EBA published phase 2 of its technical package on the reporting framework 2.9, which includes validation rules, Data Point Model (DPM) data dictionary, and XBRL taxonomies.

    August 21, 2019 WebPage Regulatory News
    News

    FSB Publishes Responses to Its Consultation Related to SME Financing

    FSB published responses received to the consultation on a report on the evaluation of the effects of financial regulatory reforms on small and medium-sized enterprise (SME) financing.

    August 21, 2019 WebPage Regulatory News
    News

    APRA Revises Related Entities Standard for Banks

    APRA published a strengthened prudential standard APS 222 on associations with related entities, with the aim to mitigate contagion risk within banking groups.

    August 20, 2019 WebPage Regulatory News
    News

    EBA and ESMA Issue Joint Response to EC Letter on Crypto-Assets

    EBA and ESMA issued a joint response to the EC letter, from July 19, 2019, on crypto-assets.

    August 20, 2019 WebPage Regulatory News
    News

    FSB on Responses to Consultation on Wind-Down of Trading Portfolios

    FSB published responses received to the consultation on the solvent wind-down of the derivatives and trading book portfolio of a global systemically important bank (G-SIB).

    August 19, 2019 WebPage Regulatory News
    News

    FSB Publishes Responses to Consultation on Resolvability Disclosures

    FSB published responses received to the consultation on disclosures for resolution planning and resolvability of banks.

    August 19, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3681