Pan-European regulator European Securities and Markets Authority (ESMA) is in the process of drawing up memorandums of understanding (MoU) between the Financial Conduct Authorities (FCA) and the 27 other EU regulators in a safeguard against the fall-out of a no-deal Brexit.
Speaking at the World Federation of Exchanges General Assembly and Annual Meeting in Athens on 3 October, ESMA Chair Steven Maijoor explained that with about 40% of equities issued in the EU27 trading in the UK preparing for a no-deal was essential. EU and UK negotiators are currently facing deadlock over a Brexit deal, with disagreement over issues such as the border in Northern Ireland. In addition, Prime Minister Theresa May's so-called Chequers deal - which is not in favour with either the EU or many within May's own Conservative party - fails to make provisions for financial ser...
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