ESMA Issues Brexit Opinions to EU Regulators

A warning shot not only to the UK but also the EU27

SIMON CURRIE AND WILLIAM YONGE, PRIVATE INVESTMENT FUNDS PARTNERS, MORGAN LEWIS

The European Securities and Markets Authority (“ESMA”) foresees regulatory and arbitrage risks in Brexit and a potential “race to the bottom” as certain national regulators jostle for and grab UK market share. On 31 May 2017, ESMA delivered an Opinion on achieving a common approach to supervision among regulators in EEA member states in the context of Brexit.

ESMA concedes in the Opinion that “the UK plays a prominent role in the EU Single Market”...

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