Dear Valued Client,
European Union (EU) leaders have granted the UK an extension to the 31st October Brexit deadline. Today we have received formal notification from the UK Financial Conduct Authority (FCA) that Brexit will therefore not occur on October 31st. Brexit is now scheduled to take place on 31st January 2020 or at an earlier date if the UK reaches an agreement on the terms of its withdrawal and notifies the EU it wishes to leave the EU prior to that date.
If a revised date for the UK withdrawal from the EU is published, we will communicate again as soon as this is confirmed.
We have advised European Securities and Markets Authority (ESMA) today that we are standing down our Brexit plan for this weekend.
Therefore clients should make no changes to their reporting procedures this weekend. All reports should continue to be directed to DTCC Derivatives Repository Plc ("DDRL") using the Reporting Destination or Reporting Obligation field relevant indicator of “ESMA”.
If the value “FCA” is populated in the Reporting Destination/Obligation field, the submission will not be accepted.
The contracts (via DocuSign) that need to be signed by clients wishing to use our EU27 Trade Repository (TR) in Ireland, DTCC Data Repository (Ireland) Plc or "DDRIE" post-Brexit have now been returned by 95% of our clients. If you have not yet returned your DocuSign or indicated that you will not require ESMA reporting post-Brexit, please return it or confirm that no accounts are required to firstname.lastname@example.org
asap to ensure you are in compliance with reporting regulations post-Brexit. If you have completed your DocuSign, please note that no further action is required and the contract will not take effect until the Brexit date.