The vote is in. On June 23, 2016, by national referendum, a 52% majority of British voters decided the question of whether the United Kingdom (UK) should leave or remain in the European Union (EU). The referendum turnout was 71.8%, with more than 30 million people voting.

Uncertainty abounds. The UK’s vote to leave the EU will have significant consequences throughout the UK, the EU, and in the global economy. A high degree of uncertainty exists as political and business leaders recognize that a massive and unpredictable effort is required to negotiate the UK’s withdrawal within the 24-month timeline contemplated under Article 50 of the EU’s Lisbon Treaty (which has not yet commenced, and may be shortened or extended through negotiation).

What should we do now? We believe that our asset management and fund clients can manage risks associated with the post-Brexit vote environment through a multi-disciplinary risk management and problem-solving approach focused initially on the operational, legal, and regulatory issues we already know will need to be addressed.

In this alert, you will find a Six-Point Summary Action Plan that outlines steps asset managers and funds should take to manage their Brexit-related legal risks.

We have included illustrative estimates of a Timeline that asset managers can refer to in developing their own internal post-vote planning.

http://www.klgates.com/brexit-six-point-action-plan-for-asset-managers-06-28-2016/

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