ESMA Publishes Statement on No-Deal Brexit Contingency Plans of CRAs and Trade Repositories

  ESMA published a statement on the contingency plans of credit rating agencies (“CRAs“) and trade repositories (“TRs“) in the context of Brexit (ESMA80-187-149) on November 9. ESMA has published the statement to raise market participants’ awareness of the readiness of CRAs and TRs for the possibility of there being a no-deal Brexit. ESMA states that entities using services provided by CRAs and TRs need to consider the scenario of a no-deal Brexit and the consequences of TRs and CRAs established in the UK losing their EU registration when the UK leaves the EU. In the statement, ESMA states that: It is engaging on a continuous basis with the relevant supervised entities to ensure that agreed Brexit contingency plans are fully executed by March 2019, including the finalization of pending applications for registration. ESMA is currently assessing a number of registration applications from CRAs and TRs, submitted as part of their Brexit…

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