Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

M2G 1.5 ESMA Guidelines

M2G 1.5.1G


M2G 1.5.2G

1ESMA guidelines are subject to the ‘comply or explain’ process in article 16 Regulation 1095/2010 (establishing ESMA) and are addressed to competent authorities or, as the case may be, market participants. Under article 16(3) Regulation 1095/2010 (establishing ESMA) competent authorities and financial market participants must make every effort to comply with these.

M2G 1.5.3G

1As a general practice, when the FCA decided2 to comply with the guidelines issued by ESMA it signposted2 a reference to these by means of a note at the beginning of the relevant section of the Handbook. The FCA have issued non-handbook guidance setting out the FCA’s approach to ESMA guidelines after IP completion day. The guide can be found on the FCA website at [URL to be added].2