Brexit Date Change Kills Derivatives Safeguards, EU Warns

Law360, London (March 28, 2019, 2:32 PM GMT) -- Measures put in place by Europe’s top securities watchdog to safeguard over-the-counter derivatives transactions in a no-deal Brexit will no longer apply since Britain’s exit date has been extended, the regulator warned Thursday.

The European Securities and Markets Authority said that the safeguards it put in place to prevent OTC derivatives contracts from being subject to additional costs no longer stand since the European Council and the U.K. Parliament agreed to delay Brexit until at least April 12.

ESMA said in November that EU investors will be allowed to replace existing OTC derivatives contracts with a counterparty from within the bloc...

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