ESMA Reminds UK based Regulated Firms About Timely Submissions of Authorisation Applications
The European Securities and Market Authority (ESMA) issued a public statement regarding the possibility to raise market participation awareness on the importance to prepare for the possibility of a no agreement scenario in the context of the UK withdrawing from the European Union (EU).
ESMA needs UK Entities wishing to relocate to the EU 27 to submit their application for authorisation as soon as possible to allow it to be processed before 29th March 2019. ESMA adds that some EU 27 national competent authorities (NCAs) have stated that unless an application is received in June/July, there is no guarantee that authorisation will be achieved before 29th March 2019.
They also want to remind companies wishing to be authorised, that it requires times to analyse authorisation requests depends primarily on the quality of the application file. ESMA invites entities to contact the relevant NCAs, or ESMA in the case of Credit Rating Agencies and Trade Repositories (CRAs/TRs), as soon as possible in case they have not yet done so.
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