- Industry, law and government join to crackdown on financial crime
- HSBC agrees to extend redress scheme for customers impacted by historical debt collection practices
- NatWest Markets establishes new ESG-rated product framework
- FinecoBank successfully completes the placement of AT1 issue
- Euromoney names Santander best bank for SMEs in Western Europe and best bank in Latin America
- Government’s Economic Crime Plan is a welcome effort, says TransUnion
- UniCredit and CEXIM to intensify cooperation in China, Italy and CEE Regions expired
- Halifax introduces new card freeze options for credit card customers expired
- UK Finance supports Consumers’ Access to Finance report comments expired
- Jolen Anderson joins BNY Mellon as Global Head of Human Resources expired
- Mastercard expands Zoho partnership to offer tools to SMEs expired
- UniCredit Foundation launches new contests for scholarships and research grants expired
8th February 2019
Bank of England and ESMA agree MoU in the event of a no-deal Brexit
The Bank of England and European Securities and Markets Authority (ESMA) have agreed a Memoranda of Understanding (MoUs) regarding cooperation and information-sharing arrangements with respect to central counterparties (CCPs) and central securities depositories (CSDs).
The MoUs follow the adoption by the European Commission in December 2018 of temporary equivalence decisions on the future UK legal and supervisory framework for UK CCPs and CSDs.
The Commission’s implementing acts would come into effect in the result of a no-deal Brexit. In that scenario, they would allow UK CCPs and CSDs to be recognised by ESMA from 30th March, 2019, and therefore continue to provide services respectively to EU clearing members, trading venues and also provide notary and settlement services for securities issued under EU law.
The MoUs will also only take effect in the event of a no-deal Brexit.