On 20 March 2019, the European Securities and Markets Authority (ESMA) issued a statement on its data operational plan under a no-deal Brexit scenario. Under this scenario, the submission of UK data to ESMA will cease from 30 March 2019. Consequently, ESMA is currently preparing all its IT systems and databases to continue functioning for the EU-27, without UK data.
The ESMA statement covers the actions related to the following systems:
- Financial Instruments Reference Data System (FIRDS);
- Financial Instrument Transparency System (FITRS);
- Double Volume Cap System (DVCAP);
- Transaction reporting systems; and
- ESMA’s registers and data.
ESMA has prepared its IT systems so that all actions in its statement can be either executed during the weekend following 29 March or at a later date, should a postponement of Article 50 occur.