InsiderEconomyCySEC welcomes agreement over no-deal Brexit scenario

CySEC welcomes agreement over no-deal Brexit scenario

Chairman of the Cyprus Securities and Exchange Commission Demetra Kalogerou has welcomed the agreement reached between the United Kingdom, the European Securities and Markets Authority (ESMA) and EU member states that would take effect in the no-deal Brexit scenario.

The agreed Memorandum of Understanding is a statement of intent to consult, cooperate and exchange information in connection with ESMA’s immediate access, on an on-going basis, to all information a member state requests, Kalogerou said in a tweed.

This is in order to limit the risk of disruption in central clearing and to avoid any negative impact on the financial stability of the EU if Britain withdraws from the Union with no-deal first.

The Memorandum of Understanding signed between the European and British authorities is similar to previous agreements on exchange of information with supervisory authorities of third countries.

The agreement will help strengthen cooperation between the two parties aiming towards better supervision of investors as well as on other investment and fund management issues.

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