The International Capital Markets Association (“ICMA“) published an open letter to Jean-Claude Juncker and Theresa May on June 22, 2018. In the letter the ICMA outlined concerns around potential “cliff-edge risks” which may arise upon the UK leaving the EU.

Some of the issues highlighted in letter include data-sharing, restrictions on cross-border fund management and the continuity of contracts. The ICMA states that it is unfeasible for companies to account for the various potential issues. They also explain that many of the risks highlighted in the letter cannot be resolved by unilateral decisions and will require both the EU and UK to take action.

The ICMA requests either the grandfathering of cross-border financial contracts between the EU and UK following Brexit or a separate agreement addressing the various potential risks.

The full letter is available here.