The Cyprus Securities and Exchange Commission (CySEC) issued an announcement on the European Commission’s Communication “Getting ready for changes” that sets out a sector-by-sector overview of the main areas where there will be changes (including financial services), regardless of the outcome of the ongoing EU-UK negotiations, and describes measures that national authorities, businesses and citizens should take in order to be ready for these changes.

The European Commission is reviewing and, where necessary, updating all 102 stakeholder notices, published at the time of the withdrawal negotiations, many of which continue to be relevant for the end of the transition period. The list of more than 50 updated notices is in annex to the Communication and all are available on the Commission's webpage. The notices on Investment Services (MiFID), Post-trade financial services, Asset Management and Credit Rating Agencies are of particular relevance to the capital market.

CySEC is urging regulated entities and the general public to keep themselves informed of all the issues in relation to the withdrawal of the UK from the EU and the end of the transitional period and prepare accordingly for the changes that will take place, whatever the conclusion of the negotiations for the future relationship with the UK.

The European Commission’s Communication can be found here.

CySEC’s announcement can be found here.