- Implications for ICMA members of the UK vote to leave the EU
Implications for ICMA members of the UK vote to leave the EUFor nearly 50 years, ICMA has represented the international capital markets and encouraged international capital market integration.
ICMA is an international body headquartered in Switzerland with more than 500 members based in nearly 60 different countries. As such, it is not aligned to any specific financial centre, and does not favour one over another.
Following the UK vote on 23 June to leave the EU, ICMA will work actively with all its members, large and small, sell side and buy side, through its Market Practice and Regulatory Policy Committees, Regional Committees and other Working Groups, as appropriate, to help them prepare for the international capital market implications of Brexit. ICMA’s mission continues to be the promotion of resilient and well-functioning international capital markets.
ICMA provides standard market documentation and guidance on market practices, which are widely adopted in many areas of the international capital markets. They may potentially need adjustment as the details of the UK’s withdrawal from the EU become clearer. ICMA will continue to review its standard market documentation and guidance in the light of future developments and will ensure they are amended as and when needed in consultation with our members.
As the markets adapt to the UK withdrawal from the EU, ICMA will continue to work with the authorities in the UK, the EU, the euro area and elsewhere, to ensure that our members’ views in the international capital markets are well represented.
ICMA will keep its members up to date with its assessment of relevant new developments: for example, through conference calls, round tables and other events, the ICMA Quarterly Report and the ICMA website. The ICMA Helpdesk and ICMA’s staff are available to answer members’ questions.
ICMA has posted on its website a working document on Brexit: Implications for Capital Market Regulation dated 24 June 2016.
ICMA will be holding a teleconference for ICMA members at 12.00 London time on Tuesday, 28 June on the capital market implications of the UK vote to leave the EU.