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Post-Brexit equivalence reviews for UK clearers can be done by June, ESMA says


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Post-Brexit equivalence reviews for UK clearers can be done by June, ESMA says

European Securities and Markets Authority Chair Steven Maijoor said assessments of whether derivatives clearing houses in the U.K. could obtain access to investors in the EU after Brexit could be completed by June, Reuters reported.

ESMA sees that the U.K. and the EU's aim to complete assessments for equivalence by June-end is possible from a technical standpoint, but a final decision on the matter would depend on wider negotiations between the two sides, Maijoor said.

Efforts by U.K.-based banks, insurers and asset managers to open hubs in the EU to avoid disruption from Brexit could affect the level of equivalence the bloc will grant British financial firms, which currently have free access to the EU, the news agency noted.

Meanwhile, ESMA set out its strategic orientation for the 2020-2022 period, which details how it will exercise new powers related to supervisory convergence and investor protection, among other things. The regulator also outlined its key priorities for the period, including ensuring the consistent and coherent implementation of a single rulebook for the EU.