FCA publishes list of EEA candidates for recognised overseas investment exchange status

The UK Financial Conduct Authority (FCA) continues to update the information related to Brexit. Earlier today, the UK regulator published a list of EEA market operators have applied or given the FCA a formal intention to apply for ROIE status in the UK.

Back in September 2018, the FCA published a direction that clarified how market operators from the European Economic Area (EEA) can apply to become a recognised overseas investment exchange (ROIE). This would enable EEA market operators to continue to provide their members based in the UK with access to their market, should they no longer be able to rely on MiFID II passport rights once the UK leaves the EU. Since then, several market operators from the EEA have applied or expressed a formal intention to apply to become ROIEs.

To help UK users of EEA trading venues plan, the FCA has published a list of the EEA market operators which have applied for ROIE or expressed a formal intention to do so and have consented to be included on this published list.

The regulator notes that if an EEA operator is not on this list, it does not necessarily mean that UK users will not be able to access trading venues operated by that operator. Overseas market operators which can use the overseas persons exclusion or which do not carry on regulated activities in the UK do not have to seek recognition as a ROIE.

Any EEA market operator which has not yet applied but which believes it may require ROIE status should contact [email protected] immediately.

List of current ROIE applicants and intended applicants:

• Boerse Frankfurt Zertifikate AG
• Deutsche Boerse AG
• Eurex Frankfurt AG
• European Energy Exchange AG
• Powernext SAS
• ICE Endex Market B.V.
• Euronext Amsterdam NV (intended)
• Euronext Paris SA (intended)
• The Irish Stock Exchange plc, trading as Euronext Dublin (intended)
• Nasdaq Oslo ASA (intended)

This version of the list is not final and is set to be updated.

Let’s recall that, in its latest regulation round-up, the FCA included a notice on Brexit, in which the regulator advised firms to continue to make their contingency plans and think about how their consumers might be affected by the UK leaving the EU.

In the meantime, the notification window for the temporary permissions regime opened on January 7, 2019. It is set to close on March 28, 2019. The regime will allow EEA-based firms currently passporting into the UK to continue new and existing regulated business within the scope of their current permissions in the UK for a limited period, while they seek full FCA authorisation, if the UK leaves the EU on exit day without an implementation period in place. It will also allow EEA-domiciled investment funds that market in the UK under a passport to continue temporarily marketing in the UK.