Data operational plan under a no-deal Brexit scenario

Monday, the 19th of March; ESMA has been published a statement about “its data operational plan under a no-deal Brexit scenario“.

This statement contains ESMA´s opinions in relation to the “impact on ESMA´s databases and IT systems of a no-deal Brexit on 29 March 2019”; in ESMA´s words, this statement “complements the previous statement on the use of UK data in ESMA’s databases and performance of MiFID II calculations in case of a no-deal Brexit”

With this publication, ESMA is trying to cover the actions related to the following systems:

  1. Financial Instruments Reference Data System (FIRDS).

    • Maintenance window:
      • Friday 29 March 2019 21:30 CET until Wednesday 3 April 2019 12:00 CET (noon). During this period ESMA will not produce any sets of files.
    • Submission and processing of files.
      • Reporting entities should continue sending DATINS reference data files to ESMA and their NCAs during the maintenance window. Given that no feedback files will be produced during the period, reporting entities should prevent their systems to resubmit data during the maintenance window in case of nonreception of feedback.
    • Processing reference data files published by FIRDS on the first day of publication after Brexit.
      • ESMA will make the following actions:
        • Terminating all (ISIN, MIC) records for UK trading venues.
        • Changing the relevant competent authority (RCA) from UK to an EU-27 country for all those ISINs and their derivatives.
        • Applying the RCA reassessment for all equity instruments and their derivatives.
  2. Financial Instrument Transparency System (FITRS).

    • A maintenance window starting from Friday 29 March 2019 21:30 CET until 8 April 2019 12:00 CET (noon).
    • During the maintenance window, the FITRS system will stop the processing of incoming files as well as the creation of transparency calculation results.
  3. Double Volume Cap System (DVCAP).

  4. Transaction reporting system.

    • ESMA expects that the delivery of updated .reference data after no-deal Brexit will be delayed.
    • Due to the unavailability of up-to-date reference data to validate the received transaction reports, NCAs shall continue using the latest available reference data from before 29 March 2019
  5. ESMA´s registers and data.

    • ESMA will adjust the contents of its Registers and data, including publications supported by IT systems or published through files like Excel, PDF or contained on an ESMA webpage.
  6. Communication to external stakeholders.

    • Should a no-deal Brexit occur on 29 March, ESMA will issue a communication before entering into the maintenance window and commencing the Brexit implementation actions as set out above. Upon the completion of the individual items indicated in this statement, ESMA will communicate that the IT systems are operational again, following the successful conclusion of the planned actions.

You can find the information about previous ESMA statements or any further information about ESEF rules news in our webpage.