In a press release dated 7 March 2019, ESMA announced its approach to the application of certain provisions of particular relevance to MiFID II/MiFIR and the Benchmark Regulation (“BMR“)in case the United Kingdom (“UK”) leaves the European Union (“EU”) on the 29thof March 2019 without a withdrawal agreement (so-called “Hard Brexit”).

ESMA’s statement focuses in particular on the following profiles:

  • exclusion of certain types of energy products from the definition of derivatives in Annex I, C(6), MiFID II;
  • trading obligation for derivative;
  • ESMA opinions on post-trade transparency and position limits;
  • post-trade transparency for OTC transactions involving EU-based investment firms and counterparties in the UK;
  • BMR, register of administrators and 3rd country benchmarks.

In view of the uncertainty regarding the timing and final conditions of Brexit, ESMA also clarifies that, in the event of a change in scenario, ESMA may adjust the approach and would inform the public as soon as possible.

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