On 12 July 2018, the European Securities and Markets Authority (ESMA) issued a public statement seeking to raise market participant awareness on the importance to prepare for the possibility of a no agreement scenario in the context of the UK withdrawing from the EU.

ESMA urges UK entities wishing to relocate to the EU27 to submit their application for authorisation as soon as possible to allow it to be processed before 29 March 2019. ESMA adds that some EU27 national competent authorities have stated that, unless an application is received in June / July, there is no guarantee that authorisation will be achievable before 29 March 2019.

ESMA also reminds entities that the time required to analyse an authorisation request depends primarily on the quality of the application file and encourages entities to be complete and accurate in their filing for authorisation.