Circular On Market Infrastructure Matters In Relation To Brexit

European Union:

Circular on market infrastructure issues related to Brexit

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On February 5, 2020, the Malta Financial Services Authority (the
"MFSA”) Released an update that follows
the UK's exit from the European Union
Clarify issues related to governance and reporting requirements for
British companies from February 1, 2020.

The United Kingdom has officially withdrawn its European Union
Membership on January 31, 2020. Conditions of withdrawal
Agreement stipulates that EU law will continue to apply to the UK,
as if it were still a member state during the transition period
from February 1, 2020 to December 31, 2020. However, UK
Representatives may no longer participate in the
EU institutions, agencies or other bodies and their governance
Structures, unless exceptionally justified.

This means that – and businesses interact with the UK
Counterparties should note that – UK rights and obligations
Companies under EU law will continue to apply during the transition
Period including amongst other things, the message
Obligations from MiFID II / MiFIR, EMIR, CSDR, AIMFD and
MMFR.

In addition, the European Securities and Markets Authority
(ESMA) will continue to monitor the registered creditworthiness directly
Agencies, trade repositories and securitization repositories
founded in Britain during the transition period.

A copy of the MFSA circular is available by clicking
Here,

The content of this article is intended to provide general content
Guide to the topic. Expert advice should be sought
about your special circumstances.

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