On 23 June 2016, the UK voted in a referendum to exit the European Union (EU) which means that the UK Government will trigger Article 50 of the Lisbon Treaty by notifying the European Council of the UK's intention to leave the EU. The exact nature of the UK's relationship with the EU going forward remains uncertain until further details emerge of the UK Government's withdrawal plan. While there is no need to change the legal framework for financial market transactions simply by virtue of the referendum outcome, there are several potential areas of impact for structured finance transactions, not least the market volatility experienced in the immediate aftermath of the vote. We consider the short, medium and long term impact of "Brexit" for the structured finance market and its participants in our Client Alert on the topic, which focuses on the important pieces of European legislation which will come into effect in the UK in the near future, the impact of the two-year withdrawal process on market activity and transaction counterparties, the (continued) use of English law governing law clauses and English court jurisdiction clauses, the potential threat to EU-wide passporting arrangements and the possible need to establish mutual recognition and equivalence regimes, and ensuring the transitional continuity of financial regulation during the withdrawal period and beyond.