MiFID II – ESMA issues statement regarding the impact of a no-deal Brexit on the impact of the "share trading" obligation under Article 23 of MiFIR

ESMA issued a statement on 19 March 2019 regarding the impact of Brexit on the trading obligation for shares under Article 23 of MiFIR. Article 23 of MiFIR requires investment firms to conclude transactions in shares admitted to trading on a regulated market (RM) or traded on an EU trading venue on: (i) RMs, (ii) multilateral trading facilities, (iii) systematic internalisers or (iv) third-country trading venues assessed as equivalent by the European Commission. 

Given that UK markets have not yet been assessed as equivalent, ESMA has published a list of ISINs of financial instruments that would be subject to the trading obligation for shares.

Read: The list of instruments 

Read: The statement

Read: The associated press release

EMIR – trade repositories authorized and de-authorized in anticipation of any no-deal Brexit

ESMA authorized DTCC Data Repository (Ireland) PLC as a trade repository for EMIR reporting and withdrew the registration of the UK’s Bloomberg Trade Repository Ltd on March 1, 2019.

Read: The associated press releases here and here

Other – ESMA sets out its approach to MiFID under a no-deal Brexit and its priorities for the asset management community; MiFID II transposition status

ESMA issued a statement setting out its approach to several MiFID II/MiFIR and Bench Mark Regulation (BMR) provisions under a no-deal Brexit on 7 March 2019.

The statement addresses the following:

• the carve-out under MiFID II from certain types of derivatives being viewed as "financial instruments";
• trading obligation for derivatives;
• ESMA opinions on post-trade transparency and position limits;
• post-trade transparency for OTC transactions between EU investment firms and UK counterparties; and
• BMR: ESMA register of administrators and third country benchmarks

Read: The statement 

Read: The associated press release

ESMA Chair, Steven Maijoor, set out ESMA’s priorities for the asset management community on 6 March 2019. ESMA will prioritize costs and associated cost disclosures.

Read: The speech 

The European Commission confirmed it would take infringement proceedings against 18 member states for late or incomplete implementation of MiFID II on 19 March 2019.  

Read: The full list and next steps in the process