On 17 July 2020, the European Securities and Markets Authority (ESMA) issued a statement on its website urging market participants to finalise their preparations and implement suitable contingency plans in advance of the end of the transition period. ESMA also refers to its previous Brexit statements, in particular its general opinion to support supervisory convergence in the context of the UK withdrawing from the EU issued on 31 May 2017 and sector-specific opinions on 13 July 2017, stating that these remain relevant and should be followed.
ESMA also refers to the memoranda of understanding that it and other EU national competent authorities agreed with the FCA on 1 February 2019 to cover cooperation and exchange of information in the event that the UK left the EU without a withdrawal agreement. ESMA confirms that whilst the withdrawal agreement has been ratified the memoranda remain relevant to ensure continued good cooperation and exchange of information at the end of the transition period. The FCA has also issued a similar statement on the memoranda.