Following the referendum held in the UK on 23 June 2016, it has been voted that the UK should leave the European Union. This decision may have substantial impacts on the financial markets and the various financial master agreements that are in place. However, it is important to understand that no changes will apply immediately, and the status quo remains as is for up to 2 years. Whilst the result of the referendum is advisory and not binding on the UK government, it seems at

An SA entity with no presence in the EU would not be subject to EMIR. However, if that SA entity trades with an EU counterparty, then the EU counterparty would need to change the way in which it transacted with the SA entity in order for the EU entity to be EMIR compliant. If the EU counterparty did trade with the SA entity in a way which was not compliant with EMIR, the EU counterparty would be liable. The likelihood is though that if the SA entity cannot trade in an EMIR co