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Brexit: Preparedness in the financial markets area – follow-up of EU Commission decisions

In a press release 16th November 2018, the Norwegian Ministry of Finance stated that if the EU takes measures in the Financial Markets area to address Brexit without a transition period, the Norwegian authorities will ensure corresponding and simultaneous effects in Norway and for Norwegian entities.

The European Commission has 19th December 2018, in accordance with Regulation (EU) No 648/212 (EMIR), adopted a temporary and conditional equivalence decision for the UK regulatory framework applicable to Central Counterparties (CCPs). This enables ESMA to recognise UK Central Counterparties, so that they, in the event there is no transition period after the withdrawal of the UK from the EU, may continue to provide services in the European Union.

The Norwegian Ministry of Finance confirms that to the extent UK Central Counterparties will be able to continue to provide services in the European Union, the Norwegian authorities will take the necessary steps so that the UK Central Counterparties also will be able to continue to provide services in Norway.

The Ministry of Finance will also ensure corresponding and simultaneous effects in Norway of the two delegated regulations adopted by the Commission 19th December, which, for a period of 12 months after the UK leaves the EU, facilitate novation of certain over-the-counter (OTC) derivatives contracts where a contract is transferred from a UK to an EU27 counterparty.

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