Dear Valued Client,
We have previously advised that the final legal procedure in the ratification process before the UK leaves the European Union (EU) was a vote in the European Parliament. The European Parliament has now ratified the Withdrawal Agreement, meaning that all of the legal and technical processes necessary for the UK to leave the EU are now finalized. Therefore, the Withdrawal Agreement will enter into force on February 1, 2020 and a Transition Period will immediately come into effect at that point. The Transition Period is scheduled to last until December 31, 2020.
Clients need to take no action at this time as DTCC Derivatives Repository Plc. (DDRL) will remain DTCC’s sole operational Trade Repository (TR) during the Transition Period.
DTCC will continue to update its clients as any new information becomes available.