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Brexit: Implications for ICMA members of the UK vote to leave the EU
Following the UK vote on 23 June 2016 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 Legal & Regulatory Helpdesk and ICMA’s staff are available to answer members’ questions.

Brexit: cliff-edge risks in international capital markets
(From the ICMA Quarterly Report Fourth Quarter dated 11 October 2018).

Brexit: Cliff-edge risks in international capital markets: June 2018
(ICMA open letter to senior political leaders in the EU27 and UK - dated 22 June 2018).

The Brexit negotiations and the international capital markets: April 2018
(From the ICMA Quarterly Report Second Quarter dated 12 April 2018).

Capital Markets Union and Brexit: October 2017
(From the ICMA Quarterly Report Fourth Quarter dated 12 October 2017).

Brexit: addressing risks in international capital markets: July 2017
(From the ICMA Quarterly Report Third Quarter dated 12 July 2017).

International capital market fragmentation: April 2017
(From the ICMA Quarterly Report Second Quarter dated 6 April 2017).

The Brexit negotiations and the international capital markets: January 2017
(From the ICMA Quarterly Report First Quarter 2017 dated 1 January).

Further Information

AFME  https://www.afme.eu/en/key-issues/brexit/

Allen & Overy  http://www.allenovery.com/brexit

Ashurst  https://www.ashurst.com/brexit

Bell Gully  https://www.bellgully.com/Brexit

Clifford Chance  https://financialmarketstoolkit.cliffordchance.com/brexit

Freshfields  http://www.freshfields.com/en-gb/our-thinking/campaigns/brexit/

Herbert Smith  http://www.herbertsmithfreehills.com/brexit

KWM  http://www.kwm.com/uk/brexit

Linklaters  http://www.linklaters.com/brexit

Macfarlanes  http://www.macfarlanes.com/news-insights/brexit-analysis

McCann FitzGerald  http://www.mccannfitzgerald.com/brexit

Morrison & Foerster  https://www.mofo.com/special-content/brexitbriefings

Norton Rose  http://www.nortonrosefulbright.com/brexit

Ogier  http://www.ogier.com/brexit

Shearman & Sterling  http://www.shearman.com/brexit

Simmons & Simmons  http://www.elexica.com/brexit

Slaughter and May  https://www.slaughterandmay.com/brexit

Taylor Wessing  https://united-kingdom.taylorwessing.com/brexit

Official sector


Joint Report from the Negotiators of the EU and the UK Government:
Joint report on progress during phase 1 of negotiations under Article 50 TEU on the UK’s orderly withdrawal from the EU 8 December 2017


European Central Bank: Updated page on relocating to the euro area 2 August 2018

European Commission:
Response to ICMA open letter on Brexit cliff-edge risk 19 July 2018

European Commission:
Preparing for the withdrawal of the United Kingdom from the European Union 19 July 2018

European Banking Authority:
Opinion to hasten the preparations of financial institutions for Brexit 25 June 2018

European Council: Draft guidelines on the framework for the future relationship with the UK 7 March 2018

European Commission: European Commission publishes draft Article 50 Withdrawal Agreement 28 February 2018

European Commission: Commission receives mandate to begin negotiations with the United Kingdom on transitional arrangements 29 January 2018

European Commission: Commission's recommendation including supplementary negotiating directives 20 December 2017

European Securities and Markets Authority: Sector specific principles on relocations from the UK to EU27 13 July 2017

European Research Centre for Economic and Financial Governance: Implications of Brexit on EU Financial Services 15 June 2017

European Commission: Proposed changes to EMIR (including on third-country CCPs such as Euro clearing) 13 June 2017

European Securities and Markets Authority: General principles to support supervisory convergence in the context of the UK withdrawing from the EU 31 May 2017

European Council: Guidelines for Brexit negotiations: 29 April 2017

European Council: Draft guidelines following the UK’s notification under Article 50: 31 March 2017

European Commission: Taskforce on Article 50

European Commission: Working paper on EU equivalence: 27 February 2017


HM Government:
Banking, insurance and other financial services if there’s no Brexit deal 23 August 2018

HM Government:
Response to ICMA open letter on Brexit cliff-edge risk 6 August 2018

HM Government:
The future relationship between the United Kingdom and the European Union 12 July 2018

Bank of England: Approach to financial services legislation under the European Union (Withdrawal) Act 27 June 2018

Financial Conduct Authority: The FCA’s role in preparing for Brexit 27 June 2018

HM Treasury:
Financial services legislation under the EU (Withdrawal) Act 27 June 2018

The Chancellor of the Exchequer: Speech on financial services 7 March 2018

HM Government: Prime Minister's speech on our future economic partnership with the European Union 2 March 2018

HM Government: A new era of cooperation and partnership between the UK and the EU: The Prime Minister’s speech Florence: 22 September 2017

Financial Conduct Authority: Why free trade and open markets in financial services matter 6 July 2017

Prudential Regulation Authority: Letter to banks on Brexit planning: 7 April 2017

HM Government: Prime Minister’s letter to President Tusk triggering Article 50: 29 March 2017

HM Government: The United Kingdom’s exit from and new partnership with the European Union: Cm 9417: 2 February 2017

HM Government: The government's negotiating objectives for exiting the EU: The Prime Minister’s speech at Lancaster House: 17 January 2017


Paul Richards
Managing Director, Head of Market Practice and Regulatory Policy; Member of ICMA's Executive Committee  
Direct line: +44 20 7213 0315