ESMA/FCA: Share trading obligations under MiFID in the event of a no-deal Brexit

ESMA's statement discusses the impact on the MiFIR trading obligation for shares in the event of a no-deal Brexit and without an equivalence decision for the UK by the EC. FCA's statement raises concerns that "firms may be limited to trading certain shares only in either the UK or the EU or in some cases be caught by overlapping obligations" and argues for further dialogue on this issue in order to minimise risks of disruption in the interests of orderly markets.