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R E V I E W
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W
“The level of change to
how financial services
firms operate will still
be significant and the
time window to meet
these challenges is
short.”
OMAR ALI, UK FINANCIAL
SERVICES LEAD, EY
38 // TheTrade // Autumn 2018
hen it comes to Brexit
the situation seems to
become tenser with
each passing day. Negotiations have
dragged on and fears of a ‘no-deal’
scenario ahead of the UK’s depar-
ture from the European Union next
March are starting to dominate the
financial world. In July, the EU
markets watchdog went so far as to
warn that firms based in London
must adequately prepare for such a
possibility, urging that applications
for relocation outside of the UK
should be submitted immediately.
“ESMA has seen an increase
in the number of authorisation
requests submitted to EU27 au-
thorities. Against this background,
ESMA urges entities wishing to
relocate to the EU27 to submit
their application for authorisation
as soon as possible to allow it to be
processed before 29 March 2019,”
the statement said. “Some [Eu-
ropean national regulators] have
already been clear to entities that,
unless an application is receiv