Global menu

Our global pages

Close

UK Financial Market Participants Seeking to Relocate to the EU27 - ESMA Publishes Opinions

  • Ireland
  • General

24-07-2017

On 13 July 2017 the European Securities and Markets Authority (“ESMA”) issued a press release stating it had published three Opinions setting out sector-specific principles in the areas of investment firms, investment management and secondary markets, aimed at fostering consistency in authorisation, supervision and enforcement related to the relocation of entities, activities and functions from the United Kingdom.

These opinions, the press release states, are practical tools to support supervisory convergence in the context of requests from UK financial market participants seeking to relocate to the EU27. The chair of ESMA, Steven Maijoor, said “the opinions do not apply new, or different, standards or requirements, but rather apply existing legislative and supervisory practices to the specific case of the UK withdrawing from the EU”.

As set out in the press release, the opinions assume that the UK will become a third country after its withdrawal from the EU and are without prejudice to any specific arrangements that may be agreed between the EU27 and the UK.

See links to the opinions below.

Opinion on the area of investment firms:

https://www.esma.europa.eu/sites/default/files/library/esma35-43-762_opinion_to_support_supervisory_convergence_in_the_area_of_investment_firms_in_the_context_of_the_united_kingdom_withdrawing_from_the_european_union.pdf

Opinion on the area of investment management:

https://www.esma.europa.eu/sites/default/files/library/esma34-45-344_opinion_to_support_supervisory_convergence_in_the_area_of_investment_management_in_the_context_of_the_united_kingdom_withdrawing_from_the_european_union.pdf

Opinion on the area of secondary markets:

https://www.esma.europa.eu/sites/default/files/library/esma70-154-270_opinion_to_support_supervisory_convergence_in_the_area_of_secondary_markets_in_the_context_of_the_united_kingdom_withdrawing_from_the_european_union.pdf

Disclaimer

This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

< Go back

Print Friendly and PDF
Register to receive regular updates via email.