In the past months, the European Commission has suggested possible improvements in the way the European Union deals with third countries in the area of financial services. Such areas of improvement include: i) access to information, and ii) timely identification of changes in third-country legal and regulatory frameworks, practices or infrastructures and supervisory approaches.
Considering the impact of the UK’s withdrawal from the EU and the associated emergence of certain third country entities with a potential impact on EU financial stability and investor protection, we would like to invite the European Commission to consider whether similar proposals should be considered for other market infrastructures and key market players. In line with our response to the public consultation on the operations of the ESAs6, this should, in ESMA’s view, include third country regimes for credit rating agencies, trade repositories, benchmarks, and possibly trading venues, and data providers.
Read the full letter from ESMA Chair Steve Maijoor to Valdis Dombrovskis, Vice-President for Euro and Social Dialogue and in charge of Financial Stability, Financial Services and the Capital Markets Union at the European Commission