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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.

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


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

Clifford Chance 

Freshfields  http://brexit.freshfields.com/

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


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

European Commission: Taskforce on Article 50

European Central Bank: Relocating to the euro area

European Commission: Working paper on EU equivalence: 27 February 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