On 22 February 2019, ESMA concluded an agreement with the BoE on the recognition of ccps (CCPs) and Central Securities Depository (CSDs) established by ESMA under Regulation (EU) No 648/2012 (EMIR) and Regulation (EU) No 909/2014 (CSDR) in the event of a no-deal Brexit. In addition, the MoU shows the spirit of mutual cooperation between the two regulators and shows the openness of our economies, and it is expected to help strengthen the fruitful trade relations between the two countries, which will benefit both domestic securities markets. The Memorandum of Understanding signed between the European and UK authorities is similar to previous information exchange agreements with the supervisory authorities of third countries. .