No-deal Brexit FAQs and Webinar

A ‘no-deal’ Brexit (also known as a ‘hard’ Brexit) is the situation where the UK leaves the EU with no transitional arrangements (agreed between the UK and EU, as opposed to unilateral contingency measures) and without a trade arrangement or other deal with the EU.

The earliest date on which a ‘no deal’ Brexit could take place is January 31, 2020 at 11pm (UK time). A ‘no deal’ Brexit will not take place on this date if, prior to this date: (i) the proposed withdrawal agreement is approved by the UK government and comes into force in both the UK and EU; (ii) the UK proposes (and the European Council agrees to) a further extension of the two-year withdrawal period set out in Article 50(3) of the Treaty of the European Union (TEU); or (iii) the UK revokes Article 50 TEU. In circumstances where the proposed withdrawal agreement is approved by the UK government and comes into force in both the UK and EU on or prior to 31 January 2020, such that the transition period set out in the withdrawal agreement is entered into, the earliest date on which a ‘no deal’ Brexit could take place is 31 December 2020.

The FAQs and webinar provide a high-level summary of the key impacts of a no-deal Brexit on the over-the-counter derivatives market and ISDA documentation. The FAQs and webinar were prepared in October 2019 on the basis of the position on a ‘no deal’ Brexit as assessed at that time. It may be that, particularly in circumstances where the transition period under the withdrawal agreement is entered into, the key impacts of a ‘no deal’ Brexit are different to those outlined in the FAQs and webinar.

Click on the attached PDF to read the FAQs.

The Impact of a ‘No Deal Brexit’ webinar is available here.

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Documents (1) for No-deal Brexit FAQs and Webinar

Joint Paper on UK EMIR Reform

On July 1, ISDA and UK Finance published a paper, which recommended a set of reforms for the UK European Market Infrastructure Regulation (UK EMIR), carefully considering each EU EMIR 3.0 reform and asking whether we would wish to adopt...

Response to FCA on UK EMIR Reporting

On June 30, ISDA submitted a response to chapter 5 of the UK Financial Conduct Authority’s (FCA) quarterly consultation CP25/16 on trade repository reporting requirements under the UK European Market Infrastructure Regulation (UK EMIR). Chapter 5 proposes ‘Amendments to the...

CDS Trading Activity in EU, UK and US Markets

This report analyzes credit derivatives trading activity reported in Europe. The analysis shows European credit derivatives transactions based on the location of reporting venues (EU versus UK) and product type. The report also compares European-reported credit derivatives trading activity to...