The UK left the EU on 31 January 2020 and entered a transition period with a Withdrawal Agreement in place. The transition period is due to end on 31 December 2020. During the transition period, EU law will continue to apply in the UK and trade repositories (TRs) remain regulated by ESMA until 31 December 2020. Any TR wishing to offer its services in the UK after this date will need to be registered with, or recognised by the FCA.
To support a smooth transition to the new regime for TRs in the UK, the Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018 (TR Regulation), which transfers functions in relation to the registration of TRs from ESMA to the FCA, includes both a conversion and temporary registration regime for firms wishing to operate as a TR in the UK after the transition period completion day of 31 December 2020:
- Conversion regime: this will allow TRs established in the UK before the end of the transition period to convert their existing ESMA registration into a registration with the FCA.
- Temporary registration regime (TRR): this will offer temporary registration to TRs that apply for registration with the FCA before the end of the transition period, provided they are a UK legal entity and part of the same group as a TR with an existing ESMA registration. Applications submitted by TRs alongside a notification to enter the TRR will be assessed in accordance with the requirements of the TR Regulations.
- For firms not falling into the above categories, applications to register as a new TR will be assessed in accordance with the usual procedures in EMIR after the end of the transition period.
What TRs should do now
TRs should let us know if they intend to offer services to UK markets from the end of the transition period.
Email: [email protected]
Application to convert ESMA registration
If you are a UK TR that wishes to convert its ESMA registration into a registration with the FCA you should complete and submit the conversion form for UK TRs (with supporting documentation) by email.
In order to give sufficient time for these notifications to be processed, firms should aim to submit their completed notifications, together with all supporting documentation, by midnight on 4 December 2020.
The FCA cannot guarantee that notifications submitted after this time, or incomplete notifications, will be processed by 31 December 2020.
Application to register a new UK legal entity and enter the TRR
If you are a UK TR that is a UK legal entity and part of the same group as a TR with an ESMA registration, and wish to apply for registration in the UK and enter the TRR, you will need to notify the FCA that you wish to enter the TRR and submit a completed registration form (with supporting documentation) by 11pm on 31 December 2020.
A UK TR should take steps to ensure that the submission is made in good time before this legal deadline. Your covering email should specifically state that you wish to be included in the TRR.
You will also be required to pay a fee of £5,000 for your advance application. Full details of both our application and periodic fees can be found in Policy Statement 19/10.
We have also published notes to assist you in completing the registration form.
Application for a new registration
If you are a new UK-based TR that does not fall into the categories above and wish to apply for registration in the UK in order to provide TR services in the UK, you will need to submit a completed registration form after 31 December 2020 with supporting documentation. We will process these applications once the UK regime is in full effect.
You will also be required to pay a fee of £5,000 for your new registration application. Full details of both our application and periodic fees can be found in Policy Statement 19/10.
If you have any queries, please email us.
List of TRs who intend to operate in the UK after 31 December 2020
The following TRs have applied to offer TR services in the UK at the end of the transition period:
- ICE Trade Vault Europe Limited
- UnaVista Limited
- CME TRADE REPOSITORY LIMITED
- DTCC Derivatives Repository Plc
- REGIS-TR UK Limited
The above list will be updated as necessary. It does not supersede the Financial Services Register which will be appropriately updated after the transition period.