A High Level Advisory Group on Brexit was convened by the FMLC Secretariat to offer guidance to the FMLC.
At the inaugural meeting, the Advisory Group made the following recommendations:
- the FMLC should consider establishing a working group to consider uncertainties relating to English governing law and jurisdiction clauses in cross-border transactions;
- the FMLC Finance and Technology Scoping Forum should be convened to discuss the uncertainties relating to Brexit in the FinTech space; and
- the FMLC should consider whether sub-groups should be established to (i) examine the operation of E.U. “equivalence” requirements over time and the continuity of equivalence determinations, (ii) the need to avoid legal uncertainty in drafting U.K. standstill/bridging legislation, and (iii) general documentation issues, including continuity of contract.
Updates on the work of the Advisory Group are available here.