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    ESMA Asks Clients of CRAs and TRs to Prepare for No-Deal Brexit

    November 09, 2018

    ESMA issued a public statement to raise awareness, among the market participants, on the readiness of credit rating agencies (CRAs) and trade repositories (TRs) for the possibility of no agreement being reached in the context of the United Kingdom withdrawing from the European Union (Brexit).

    As there is no assurance that a transition period will be agreed, entities using services provided by CRAs and trade repositories need to consider the scenario where a no-deal Brexit would take place on March 30, 2019. Derivatives subject to the reporting obligation under the European Market Infrastructure Regulation (EMIR) must be reported to a registered EU-established trade repository or a recognized third-country trade repository. Similarly, CRAs must have a legal entity registered in EU and supervised by ESMA, for their ratings to be used for regulatory purposes in EU. In a no-deal Brexit scenario, trade repositories and CRAs established in the UK will lose their EU registration as of the withdrawal date of the UK.

     

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    Keywords: Europe, EU, Securities, Brexit, No-deal Brexit, CRA, Trade Repositories, ESMA

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