No-Deal Brexit Means No FCA Info Sharing, EU Warns
Law360, London (February 5, 2019, 7:57 PM GMT) -- The European Union's securities regulator warned Tuesday that a no-deal Brexit will cause information sharing with the U.K.'s watchdog to come to an abrupt halt and could disrupt calculations meant to keep loosely regulated trading practices transparent.
The European Securities and Markets Authority said that if the U.K. crashes out of the EU without a withdrawal agree on March 29 then it will no longer accept or use data from the Financial Conduct Authority, which in turn will no longer have access to the bloc's applications and databases.
Data from U.K. trading centers and so-called systematic internalizers, or investment firms able to...
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