ESMA public statement – managing risks of a no-deal Brexit in the area of central clearing

On 23 November 2018, the European Securities and Markets Authority (ESMA) issued a public statement to address the risks of a no-deal Brexit in the area of central clearing. The ESMA board of supervisors supports the continued access to UK central counterparties to limit the risk of disruption in central clearing and to avoid negatively impacting EU financial market stability. The statement provides: “ESMA therefore welcomes the communication Preparing for the withdrawal of the United Kingdom from the European Union on 30 March 2019: a Contingency Action Plan, published on 13 November 2018 where the EC stated that it will act, to the extent necessary, to address financial stability risks in the EU arising from the withdrawal of the UK without any agreement. In such a scenario the EC has stated that it will adopt a temporary and conditional equivalence decision in order to ensure that there will be no disruption to central clearing. Therefore, ESMA is engaging with the EC…

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