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ARTICLE · 24 JULY 2019

Re-Preparing For A Hard Brexit

Dillon Eustace
Dillon Eustace
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Dillon Eustace

Dillon Eustace

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As readers will be aware, both the EU and the Central Bank of Ireland took a series of measures in the lead up to 29 March this year to provide as much stability as possible in the event of a hard Brexit.

IrelandFinance and Banking
Cillian Bredin
Cillian Bredin
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Background

As readers will be aware, both the EU and the Central Bank of Ireland took a series of measures in the lead up to 29 March this year to provide as much stability as possible in the event of a hard Brexit.

The Story So Far

By way of reminder, key measures taken in that regard included the following:

  • The Memorandum of Understanding entered into between ESMA and the FCA in the UK permitting Irish management companies and Irish MiFID firms to continue to delegate to UK domiciled entities in the event of a hard Brexit.
  • The recognition by EMSA of certain UK central counterparties (being LCH, ICE Clear Europe and LME Clear) allowing such entities to continue to provide services in the EU for a period of 12 months from the date of a hard Brexit with the intention of ensuring that there is no disruption in the central clearing of derivatives in such circumstances.

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