The UK’s Financial Conduct Authority has finally issued a full UK EMIR license to trade repository REGIS-TR UK, which has been providing EMIR regulatory reporting services since the first business day after Brexit on 4 January, 2021.
REGIS-TR UK was incorporated in March 2019, just months before the EMIR refit came into force in June of that year. The sister company of Luxembourg-based European trade repository REGIS-TR, which was first founded in 2010, the UK branch was launched specifically to provide continuity of service to UK clients post-Brexit, with an initial focus on EMIR reporting.
“The UK continues to be a major player in European and global finance even when separated from the EU, and it is paramount that we maintain continuous and unified services for our UK clients and the market,” said Phil Brown, chairman of the board of directors at REGIS-TR, at the time of launch.
John Kernan, CEO of REGIS-TR UK said: “We have had a successful start to UK EMIR reporting since it began in January last year, and we are delighted to be the first TR to receive our full license from the FCA. In the interest of stability for both our clients and the market, it was a natural expansion of REGIS-TR to set up a TR in the UK prior to Brexit and we have also been pleased to see how our offering has resonated with new clients as well as existing ones. We are looking forward to continuing this growth with a full license.”
Regis-TR was founded by Clearstream, as part of a joint venture with Iberclear. In September 2021, SIX acquired a 50% stake in REGIS-TR from Clearstream, with the transaction expected to close in the first half of 2022. As part of the deal SIX’s subsidiary, Iberclear, will become sole shareholder of REGIS-TR.