LSE Reminded Firms to Submit Transaction Reports Regarding Brexit

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Updated on its website, London Stock Exchange ("LSE") reminded Third Country member firms to submit their transaction reports before the end of the Brexit transition period.

Head of LSE Plc Regulation and Compliance, Claire Foster highlighted that the Exchange is required to submit transaction reports to the Financial Conduct Authority for all trades executed on Exchange by Third Country member firms. 

More specifically, following the end of the Brexit transition period on 31 December 2020, this will include trades executed by member firms located within the European Economic Area ("EEA"), unless the firm has confirmed that all their business is conducted through a registered branch office in the United Kingdom ("UK").

A firm's status as a Third Country member firm will be unaffected by any equivalence that may or may not be concluded between the UK and the European Union.

According to the notice, LSE aims to remind Third Country member firms of the requirement to complete transaction reporting conformance testing. 

In the event that a Third Country member firm does not complete conformance testing by close of business on 18 December 2020, the Exchange will be unable to guarantee the member firm's continued access to its trading services from 4 January 2021.

In addition, +44 (0) 20 7797 3939 or londontam@lseg.com are available to members that need further information.