The Central Bank welcomed the publication by the European Supervisory Authorities (ESAs) of Opinions on the impact of the United Kingdom (UK) withdrawing from the European Union (EU).

Derville Rowland, Director General Financial Conduct, said:

“The ESAs’ Opinions are a timely reminder to financial institutions and in particular to banks, insurers, brokers and investment firms, to ensure they have put appropriate plans in place for Brexit. We expect that firms consider the implications of Brexit and ensure they have robust contingency measures to minimise the impact on their customers, investors and markets’’

The statement notes that ESMA reminded regulated entities of the need to make timely submission of requests for authorisation in the context of the UK withdrawing from the EU. ESMA noted that, as there is no assurance that a transition period will be agreed, entities need to consider the worst-case scenario where a hard Brexit would take place on 30 March 2019.