Regulator Tells Markets To Prepare For No-Deal Brexit

Law360, London (November 9, 2018, 6:36 PM GMT) -- The European Securities and Markets Authority warned the clients of credit rating agencies and trade repositories on Friday that they need to step up their preparations for a no-deal Brexit and monitor the readiness of the firms they do business with.

ESMA said that credit ratings agencies and trade repositories established in the U.K. will lose their European Union registration on the day Britain leaves the European Union, unless the two sides secure a trade deal that preserves market access for financial services.

A potential transition period — which would extend Britain's participation in the bloc's legal and regulatory framework until...

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