The UK has voted to leave the EU, which is likely to affect the operation of existing contracts which are dependent, in whole or in part, on EU legislation, such as the passporting regime under MiFID. Short term contracts are less likely to be affected, due to the 2-year negotiating window which follows once Article 50 is invoked by the UK, but parties may need to consider re-negotiating longer term contracts. Despite calls from the European Commission for the negotiating process to start as soon as possible, it seems unlikely that Article 50 will be formally triggered until a new Conservative leader is elected.