On 24 September 2019, the European Securities and Markets Authority (ESMA) published a letter (dated 19 September 2019) from Steven Maijoor, ESMA Chair, to Olivier Guersent, European Commission Director General for Financial Stability, Financial Services and Capital Markets Union, on the first annual review required by Article 17 of Commission Delegated Regulation (EU) 2017/583 on transparency requirements for non-equity instruments (RTS 2).

In his letter, Mr Maijoor states that due to remaining uncertainties surrounding a potential no-deal Brexit, it would be prudent not to conduct the annual review of RTS 2 in 2019. In light of this, Mr Maijoor reiterates ESMA’s commitment to perform the annual review of RTS 2 by 30 July 2020, incorporating an analysis of the empirical data available to ESMA and look specifically into which effects the UK’s withdrawal from the Union may have on the bond liquidity market.