However, as we consider below, supervisory convergence remains a key priority for ESMA.
Role of the SCN
While ESMA recognised that financial centres in the EU27 were free to compete based on the strengths they can offer firms relocating from the UK as a result of Brexit, it was keen to ensure that the EU rulebook was always applied consistently.
In addition, the SCN discussed the relocation cases of firms, activities or functions into the EU27 before authorisations were granted.
The SCN facilitated open discussions and allowed supervisors reach practical common supervisory solutions. These solutions complemented ESMA guidance through other convergence tools such as Q&As.
As the Brexit Withdrawal Agreement entered into force on 31 January 2020, the work of the SCN is coming to an end.
The SCN is due to hold a final meeting before the end of 2020 to take stock of the relocation situation and close its work.
While the SCN is not being repurposed for other projects now the wave of Brexit relocations has passed, EU supervisory convergence remains a key priority for ESMA, as noted in its revised annual work programme released on 15 June 2020.
Focus on Costs
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