On 17 October 2019, the International Swaps and Derivatives Association (ISDA) published a set of No-Deal Brexit FAQs. The FAQs provide a high level summary of the key impacts in the case of a no-deal Brexit on the over-the-counter derivatives market and ISDA documentation. These FAQs are additional to the ISDA’s previously published Brexit FAQs (see previous blog here).
The FAQs focus on the consequences immediately arising on exit day and do not deal with issues that may develop at a later date. The FAQs cover:
- information on what a no-deal Brexit is and when/how it will take place;
- key new or modified obligations for entities subject to EU law post-Brexit;
- key new or modified obligations for entities subject to EU law as onshored into UK law post-Brexit such as EMIR and MiFID II;
- changes to consider making to ISDA documentation in preparation of a no-deal Brexit; and
- the impact of a no-deal Brexit on legacy ISDA master agreements.