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ESMA issues opinion on supervisory convergence

The European Securities and Markets Authority (“ESMA”) released an opinion today on supervisory convergence in the context of the UK withdrawing from the European Union (“EU”). The opinion is addressed to national regulators, and contains nine principles for national regulators to follow when authorising and supervising firms that are seeking to re-locate in the EU from the UK. ESMA has issued the opinion in anticipation of UK firms establishing EU offices to maintain access to EU passports and financial markets and relying on outsourcing or delegation arrangements to UK-based affiliates. ESMA gives its opinion on the basis that the UK will be a “third country” (i.e., no longer part of the EU) after its withdrawal from the EU, without reference to any bespoke arrangement on financial services that may be agreed between the UK and the EU.

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Implications of the UK’s Brexit Referendum

Practices: Brexit

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As autumn approaches and preparation for the next round of Brexit discussions begins, this note summarises the current position and analysis following the UK’s vote to leave the EU on the 23rd June (the “Referendum”). Whilst the debate on the implications of Brexit, including the proposed shape and form the UK’s new relationship with the EU is constantly evolving, it is clear that firms operating within the UK and the EU need to continue to do business throughout. Consequently, this note highlights steps that firms may wish to take during this interim period between now and the UK’s actual exit from the EU.

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