ARTICLE · 14 DECEMBER 2020

Brexit – CSD Temporary Equivalence And Settlement Finality: Update

Arthur Cox

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The EC's recent temporary equivalence decision is good news for the settlement of Irish securities, and an important step towards minimising disruption to the Irish capital markets when the Brexit transition period ends on 31 December 2020.

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The European Commission's recent temporary equivalence decision is good news for the settlement of Irish securities, and an important step towards minimising disruption to the Irish capital markets when the Brexit transition period ends on 31 December 2020.

This briefing explains what the decision means, and also gives an update on the implementation of Recital 7 of the Settlement Finality Directive into Irish law post-Brexit.

The Commission's Equivalence Decision

On 26 November 2020, the European Commission's decision to determine the legal and supervisory requirements for UK central securities depositories (CSDs) as equivalent to those in the EU until 30 June 2021 was published in the Official Journal (here) (the Temporary Equivalence Decision).

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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