Brexit: recent EBA and ESMA communications

ABBL Published 09.10.2019

EBA and ESMA have published on 7 and 8 October 2019 a series of communications in regard of the looming withdrawal by the United Kingdom UK) from the European Union.

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:

The ABBL remains at the members’ disposal in case of any questions and reminds members to regularly check the dedicated ABBL websites (public and Membernet) on Brexit for any relevant updates.

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