ESMA published a statement on the use of UK data in ESMA databases and the performance of MiFID II calculations under a no-deal Brexit.
As a general approach, reference data submitted by UK trading venues and systematic internalisers (SIs) to FIRDS will be terminated taking effect on 30 March 2019. Also with effect from 30 March 2019 the FCA will cease to be the relevant competent authority (RCA) for any EU-traded instruments. To accommodate this change, ESMA will re-determine the RCA for all financial instruments that remain available for trading in the EU (‘non-terminated financial instruments’) for which the FCA is currently the RCA to ensure that the RCA is within the EU.
UK-related data received until 29 March 2019 in all other ESMA IT systems and registers will, depending on the systems and registers in question be either removed or will remain in ESMA systems and be flagged as ‘inactive’/’no longer valid’ with a termination date on 29 March 2019.
With effect from 30 March 2019, trading venues and SIs established in the UK will therefore no longer be subject to the obligation to submit reference data. Moreover, in consequence of Brexit all instrument records reported by UK trading venues and SIs until 29 March 2019 will be terminated with effect of 30 March 2019 to reflect the new scope of instruments subject to the MiFIR transaction reporting and the transparency regime and traded on SIs in the EU after Brexit. Those records will remain in the database and publications will show a validity end date set to 29 March 2019.
Full briefing note
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