“The vote by the United Kingdom to leave the European Union has broad ramifications for the financial industry throughout the world, including in New York. To prepare for this possibility, the Department of Financial Services (DFS) has been engaged for several weeks in discussions with its regulated entities regarding the potential impact of “Brexit” on those institutions, including their Brexit-specific contingency plans and stress tests. Throughout the day today, DFS has been in close communication with the department’s regulated institutions, and has coordinated with its federal counterparts to assess the impact of Brexit and market volatility on the safety and soundness of the institutions, and in particular the impact of Brexit on their operations in New York. DFS will continue to work with its regulated entities and assess both the short term and long term impact of Brexit and take appropriate action as necessary.”
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