ESMA Sets Out Approach to MiFID II in Event of No-Deal Brexit
The European Securities and Markets Authority (ESMA) has issued a statement regarding its approach to the application of certain MiFID II provisions in the event of a no-deal Brexit. (ESMA, Public Statement on approach to MiFID II in event of no-deal Brexit.)
The statement covers trading obligations for derivatives, the C(6) carve-out, post-trade transparency for OTC transactions and the ESMA opinions on third-country trading venues for the purpose of post-trade transparency.
The ESMA points out, however, that there is ongoing uncertainty surrounding Brexit. As such, their position may change, in which case they would inform the public.