- Ross McEwan resigns as CEO and Executive Director of RBS
- NatWest doubles growth funding to £6bn
- Study finds traditional financial institutions embrace Fintech disruption
- Disclosing median gender pay gap receives increased support from shareholders
- Chancellor launches search for next Governor of the Bank of England
- RBS commits to Climate Group initiatives to accelerate climate action
- Scope says EU banking package brings new risks for AT1 investors expired
- Banks shouldn’t rely solely on GCHQ help to combat credit card fraud, says SAS expired
- Barclays’ results showed a tough quarter for investment bank expired
- Credit Suisse achieves fifth consecutive quarter of positive income expired
- Nomura faced a challenging environment last year, says CEO expired
- UBS delivers resilient first quarter 2019 results 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.