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ARTICLE · 22 JULY 2020

ESMA Discontinues Its 'Brexit Leveller' Committee

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On 29 May 2020 the European Securities and Markets Authority ("ESMA") announced the winding down of its Supervisory Coordination Network. However, supervisory convergence...

IrelandGovernment, Public Sector
Maples Group
Maples Group
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On 29 May 2020 the European Securities and Markets Authority ("ESMA") announced the winding down of its Supervisory Coordination Network. However, supervisory convergence remains a key priority for ESMA.

On 29 May 2020 the European Securities and Markets Authority ("ESMA") announced the winding down of its Supervisory Coordination Network ("SCN").

However, as we consider below, supervisory convergence remains a key priority for ESMA.

Role of the SCN

The SCN was established in May 2017 to help mitigate the risks to supervisory convergence from Brexit. 

While ESMA recognised that financial centres in the EU27 were free to compete based on the strengths they can offer firms relocating from the UK as a result of Brexit, it was keen to ensure that the EU rulebook was always applied consistently.

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