Hard Brexit Impact Analysis

Page 44 of 106 Category If no agreement is reached: Consequence EU Document Finance post trade services TRADE REPOSITORIES AND REPORTING: As of the withdrawal date, the obligation to report a derivative contract to a duly registered or recognised trade repository is addressed to the counterparties. All counterparties, be they financial or non-financial, must ensure that this requirement is fulfilled. Where reporting to a trade repository is delegated to a third party, counterparties should ensure that their contract guarantees compliance with all applicable legal requirements in EMIR and/or SFTR. WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF POST-TRADE FINANCIAL SERVICES Finance post trade services TRADE REPOSITORIES AND REPORTING: As of the withdrawal date, the requirement for counterparties to keep a record of any derivative contract that has been concluded and of any modification thereto must continue to be fulfilled by counterparties for at least five years following the termination of the contract. WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF POST-TRADE FINANCIAL SERVICES Finance post trade services TRADE REPOSITORIES AND REPORTING: As of the withdrawal date, systems currently designated by the United Kingdom will lose their designation under the Settlement Finality Directive along with the rights and benefits that entails for them and their participants. This is without prejudice to any specific provisions in national law of Member States. WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF POST-TRADE FINANCIAL SERVICES Finance statutory audits As of the withdrawal date , the EU rules in the field of statutory audit (in particular the Statutory Audit Directive5) no longer apply to the United Kingdom. WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF STATUTORY AUDIT Finance statutory audits ENTITLEMENT TO CARRY OUT STATUTORY AUDITS IN THE EU: As of the withdrawal date, natural persons approved as auditors by the United Kingdom (United Kingdom auditors) will be considered third country auditors and they will no longer be considered statutory auditors for the purpose of the Statutory Audit Directive. WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF STATUTORY AUDIT

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