argomento: News del mese - Diritto Internazionale e Comunitario

Articoli Correlati: ESMA - DTOs - Brexit

As a consequence to the fact that on December 31^st, 2020, the transition period for Brexit it’s over, on November 25^th, 2020, the European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, issued a public statement concerning the Derivatives Trading Obligation (DTO) of the European Union specifically related to the situation. After the previous report on the matter of March 2019, which intended for the DTO to find the same application as before, ESMA’s report expressed some concern for special counterparties; for example, one of the most affected parties will be the UK branches of EU investment firms. Nonetheless, ESMA stated that there could be, at the time being, no other practicable solution, since to date there has been no clear guidance by the European Commission. In summary, according to the statement released by ESMA, the Derivatives Trading Obligation will continue to apply exactly as the pre-Brexit period, since there would be no problems for the stability of the markets. What was stated in this latest report does not reach a different conclusion from the previous report of March 2019.