Summary
The European Parliament has decided not to object to new rules that provide temporary relief for financial contract transitions in the event of a 'no-deal' Brexit. 10 13.02.2019
Other
economy
european union
international relations
financial institutions and credit
Key points
- The measures are part of a contingency action plan to prepare for a 'no-deal' Brexit scenario.
- The regulation allows for a temporary exemption of certain transactions when a UK-based counterparty is replaced by an EU-27 counterparty.
- This exemption for contract transitions is limited to a period of 12 months.
- Parliament noted that because the Commission changed the original technical standards, a longer three-month scrutiny period is applicable.
Documents (PDFs)
RECOMMENDATION FOR A DECISION to raise no objections to the Commission delegated regulation of 19 December 2018 amending Commission Delegated Regulation (EU) 2015/2205, Commission Delegated Regulation (EU) 2016/592 and Commission Delegated Regulation (EU) 2016/1178 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council as regards the date at which the clearing obligation takes effect for certain types of contracts
Non-objection to a delegated act: date at which the clearing obligation takes effect for certain types of contracts
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