ESMA updates its recognition of UK CCPs and CSD
The European Securities and Markets Authority (ESMA) yesterday announced that it has adopted new recognition decisions for the three central counterparties (CCPs) and the Central Securities Depository (CSD) established in the United Kingdom (UK) to reflect the extension to the Article 50 of the Treaty of the European Union (TEU) period to 12 April 2019.
ESMA announced on 18 February and 1 March 2019 that in the event of a no-deal Brexit, and without an extension to the Article 50 TEU period, it would recognise the three UK CCPs and the UK CSD. This was done on the basis that the conditions stipulated respectively in Article 25 of EMIR and Article 25 CSDR were satisfied. One of these conditions was the respective equivalence decisions on the UK adopted by the European Commission (EC) and announced in its preparedness Communication of 19 December 2018. The extension to the Article 50 TEU period means that the ESMA recognition decisions would not apply on 30 March 2019.
Following the adoption of the amended equivalence decisions in relation to UK CCPs and the CSD by the EC on 3 April 2019, ESMA has accordingly issued new recognition decisions to make sure that UK CCPs and the CSD are recognised in the event a no-deal Brexit occurs on 12 April.
The recognition decisions would take effect on the date following Brexit date, under a no-deal Brexit scenario.
ESMA Updates Its Recognition of UK CCPS And CSD
Latest News from
Public consultation: appropriate age for introduction of complementary feeding of infants19/04/2019 09:25:00
EFSA is seeking feedback from stakeholders and other interested parties on its scientific opinion on the appropriate age for introduction of complementary feeding of infants.
Stronger EU borders with a new standing corps of 10,000 border guards18/04/2019 15:25:00
TheEuropean Parliament hasadopted the ECs proposal to reinforce the European Border and Coast Guard Agency with a standing corps of 10,000 border guards by 2027.
European Parliament's vote on new rules to improve fairness & transparency of online platforms18/04/2019 13:37:00
The European Parliament has approved the new Regulation on platform-to-business trading practices that is aimed at establishing a fair, trusted and innovation-driven environment for businesses and traders when using online platforms.
WTO Boeing dispute: EU issues preliminary list of U.S. products considered for countermeasures18/04/2019 12:25:00
The EC has launched a public consultation on a preliminary list of products from the USA on which the EU may take countermeasures in the context of the ongoing Boeing dispute at the World Trade Organisation (WTO).
Registered substances mapped for regulatory action18/04/2019 09:25:00
The first report of the Integrated Regulatory Strategy presents a mapping of the universe of registered substances that are on the EU market. This information helps authorities to identify, plan and monitor the progress on identifying and regulating substances of concern.
The United States is Europe's main soya beans supplier with imports up by 121%17/04/2019 16:25:00
New figures released by the EC, show that imports of U.S. soya beans by the EU increased by 121% over the current market year (July 2018 to mid-April 2019), compared to the same period in the previous year.
EC updates the EU Air Safety List to maintain highest level of protection for passengers17/04/2019 15:37:00
The EC has updated the EU Air Safety List, the list of airlines that do not meet international safety standards, and are therefore subject to an operating ban or operational restrictions within the EU.
EC launches debate on more efficient decision-making in EU social policy17/04/2019 13:25:00
In his 2018 State of the Union speech, President Juncker announced a comprehensive review of all passerelle clauses provided for by the EU Treaties. As a result, three Communications have already been adopted: on common foreign and security policy (September 2018), on taxation (January 2019) and on energy and climate (April 2019). The Communication on the passerelle clauses in social policy is the fourth one.
EC welcomes adoption of new measures denying terrorists & criminals the means and space to act17/04/2019 12:37:00
The European Parliament has adopted 2 important Security Union legislative initiatives proposed by the EC on interoperability and explosive precursors.