In line with their previous statements, EBA urges continued progress on contingency planning. Whilst significant progress has been made in the implementation of contingency plans for the event that the UK withdraws from the EU without a ratified withdrawal agreement on 1 November 2019, financial entities and competent authorities must guard against complacency in their preparations. Notably, effective contingency planning efforts must continue, to ensure that assets, appropriate staff and data are in place to support relevant authorisations and to ensure that adequate customer communications are made.
ESMA, on the other hand, takes the opportunity to update, in case of a no-deal Brexit on 31 October 2019, its previously published measures, actions and public statement with regard to the reference date of application, which should now be read as 31 October 2019.
Furthermore, some the measures announced require more thorough updates. As such, ESMA has published updated measures in the following areas:
- Public Statement on the Use of UK data in ESMA databases and performance of MiFID II calculations updating the communication issued on 5 February 2019.
- Public Statement on the Impact of no-deal Brexit on MiFID II/MiFIR and the Benchmark Regulation (BMR) – C(6) carve-out, ESMA opinions on third-country trading venues for the purpose of post-trade transparency and position limits, post-trade transparency for OTC transactions, BMR ESMA register of administrators and 3rd country benchmarks calculations updating the communication issued on 7 March 2019.
- Public Statement on Operational plans related to ESMA databases and IT systems updating the communication issued on 19 March 2019.