European Union:
EU Authority Urges UK Financial Institutions To Apply For EU Authorizations Now
27 July 2018
Shearman & Sterling LLP
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On July 12, 2018, the European Securities and Markets Authority
issued a public statement urging U.K.-based financial institutions
to prepare for a hard Brexit. In particular, ESMA states that firms
wishing to continue providing services across the EU after the U.K.
has exited the EU must make timely applications for authorization
to the relevant national regulators in the EU member state in which
the firm wants to relocate its business. ESMA notes that it has
seen an increase in applications being made and highlights that
some national regulators have stipulated that applications needed
to be received in June/July 2018 for approval to be granted in
time.
The ESMA's statement is available at: https://www.esma.europa.eu/press-news/esma-news/esma-reminds-uk-based-regulated-entities-about-timely-submission-authorisation.
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