ESMA Discontinues its 'Brexit Leveller' Committee

However, as we consider below, supervisory convergence remains a key priority for ESMA.

Role of the SCN

While ESMA recognised that financial centres in the EU27 were free to compete based on the strengths they can offer firms relocating from the UK as a result of Brexit, it was keen to ensure that the EU rulebook was always applied consistently.

In addition, the SCN discussed the relocation cases of firms, activities or functions into the EU27 before authorisations were granted. 

The SCN facilitated open discussions and allowed supervisors reach practical common supervisory solutions.  These solutions complemented ESMA guidance through other convergence tools such as Q&As.    

The SCN is due to hold a final meeting before the end of 2020 to take stock of the relocation situation and close its work.

Focus on Costs

We have seen an example of this already in the form of the new guidance on fund costs reporting. For further details see our previous client update covering ESMA’s Pricing Process. 

If you would like further information, please liaise with the below or your usual Maples Group contact.

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