UK Credit Raters Will Lose Validity After Brexit, ESMA Warns
Law360, London (March 15, 2019, 5:14 PM GMT) -- Europe’s top markets regulator on Friday called on credit ratings agencies based in the U.K. to register their services within the bloc to prevent their outstanding European assessments from being binned in a no-deal Brexit.
The European Securities and Markets Authority said credit ratings agencies established in the U.K. will lose their European Union registration if Britain leaves the bloc without a deal. This will mean that outstanding borrower ratings made by British agencies will need to be “endorsed” by one in a member state or risk having these assessments deemed unusable by Europe’s investors.
Because of this, ESMA has urged...
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