SPENCER BROWN

Fca Cooperation Agreements Brexit

The declarations of intent relate to the provisions relating to cooperation and the exchange of information and include: the UK Financial Conduct Authority (“FCA”) and the European Securities and Markets Authority (see below, (here and here), have confirmed that the Memorandums of Understanding signed in February 2019 (“MoUs”), concerning cooperation and exchange of information on the activities of credit rating agencies, central repositories and wealth managers , will remain valid and will come into force on 31 December. , 2020. This is the expiry date of the UK`s transition period for withdrawal from the EU. On July 17, 2020, the AEMF and the ACF announced that moUs remain valid and will take effect at the end of the transition period expiring on December 31, 2020. They confirmed that these softs remained relevant and appropriate to maintain good cooperation and avoid disruptions in the areas of investment management, rating agencies and central benchmarks. The AEMF and the European Securities Commissions have therefore reached an agreement with the UK FCA MoUs to cover future cooperation and information exchange. For more information, click here. On 1 February 2019, the AEMF and the EU`s national financial market supervisors announced that the soft forces were in cooperation and in exchange for information with the UK CMA in case the UK left the EU without a withdrawal agreement. On 31 January 2020, at midnight, when the withdrawal agreement came into force and the UK came into force a transitional period during which EU legislation continues to apply to the UK and the UK, these pecos were not obliged to enter into force.

On 1 February 2019, the European Securities and Markets Authority (ESMA) and the European Financial Markets Supervisors` Authority agreed with the ACF on declarations of intent if the UK left the EU without a withdrawal agreement. The soft moves are cooperation and information exchange and include: the ACF is working with EU regulators after Brexit. The soft drinks cover the content of the regulatory cooperation agreements necessary to enable transfer to the UK under UCITS and managers, and outsourcing under miFID. Indeed, the multilateral agreement with the EU and the NCAs will allow the outsourcing and delegation of fund managers to continue to be carried out by ENTITIes established in the United Kingdom on behalf of counterparties established in the EEA. This is an important milestone for post-Brexit delegation agreements and clarity for asset managers who want to conclude contingency plans. The AEMF statement also called on financial market participants to complete preparations and implement appropriate contingency plans before the end of the transition period, and also said it would continue to review its statements on Brexit, including on operational issues. She will continue to communicate when the time comes. The European Securities and Markets Authority (ESMA), the European Financial Markets Authority, urges financial market players to complete preparations and implement appropriate contingency plans before the end of the UK transition period on 31 December 2020.

The AEMF also confirms that the Memorandums of Understanding for Cooperation and Information Exchange with the British Financial Conduct Authority (ACF) remain valid and will come into force at the end of the transition period. However, the existence of cooperation agreements is only one of the requirements for delegation to third-country companies. In this regard, funds and fund managers may be interested in the fact that the European Commission has updated, on 7 July 2020, its communication to stakeholders, which the UK withdraws, and EU asset management legislation (here).

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REP   ACTING: VLA     VO: SUE TERRY VOICES    LIT: RICHARD SCRIVENER

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