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Brexit and cybersecurity top Esma’s supervision agenda

BrexitThe European Securities and Markets Authority (Esma) has said that it will focus on the regulation of credit ratings agencies, trade repositories and the monitoring of third-country market infrastructure in the year ahead.

The Paris-based regulator said that in 2019 its attention will concentrate on IT and cybersecurity issues, the resilience of IT systems and information security at trade repositories. It will also be looking at the quality of trade data held in repositories and the access that these provide to public authorities.

The UK’s potential exit from the EU is triggering concerns about systemic risk. As a result regulators are evaluating risk implications for trade repositories and credit ratings agencies, as well as discussing arrangements for recognition of UK central counterparties in the event of a ‘no deal’ with the EU.

The EU financial regulator currently supervises 8 trade repositories and 27 credit ratings agencies directly as well as being responsible for four certified credit ratings agencies and 32 third-country central counterparties.

It applies a risk-based approach to identify priorities for its annual supervision programme, taking into account the major developments affecting each industry segment and registered entity.

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