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ISDA analyzed the impact of a "hard" Brexit (where the UK leaves both the European Union and the European Economic Area) on U.S. swap market participants.
A table published by ISDA addresses whether a hard Brexit would affect the ability of UK firms to rely on various CFTC no-action letters. ISDA identified four types of no-action letters that it assumes would continue to be available even in the event of a hard Brexit, as the letters generally are available to all non-U.S. firms. In addition, the table describes various comparability exemptions that the CFTC has granted to firms subject to EU requirements and notes that Brexit would require the CFTC to clarify whether and how these exemptions apply to firms subject to UK laws.
Generally, ISDA cautioned that the relationship between the UK and the EU will have an impact on U.S. market participants, including where a U.S. financial institution has a UK subsidiary.
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