BREXIT and CSD temporary equivalence decision
On 25 November 2020 the European Commission adopted a temporary equivalence decision for the regulatory framework applicable to the United Kingdom on central securities depositories (CSDs).
Granted for a period of six months from 1 January 2021, this decision will enable issuers from the Union to continue using UK CSDs for notary and central maintenance services concerning transferable securities constituted under the law of a Member State. This equivalence period should give Union CSDs the time needed to further develop their offer of services in relation to Irish corporate securities and ETFs, and Union issuers the time needed to migrate their positions to Union CSDs.
Following this equivalence, on 11 December 2020 the ESMA temporarily recognised the UK CSD Euroclear UK & Ireland Limited (EUI), for the period from 1 January to 30 June 2021.