LONDON — The Bank of England has warned the European Union it is running short on time to mitigate disruption in trillions worth of complex financial contracts in the event Britain leaves the 28-nation bloc without a deal.

The bank says in a report that the EU must act to protect against disruption to financial derivatives and insurance contracts as well as the transfer of personal data.

The committee says the "need for authorities to complete mitigating actions is now pressing."

It is the second warning of its kind. The bank warned in June that the EU needed to do more to prevent Brexit causing havoc in markets.

The bank estimates that unless continuity to existing rules is created, some 41 trillion pounds ($53 trillion) in derivatives contracts face legal uncertainty after Brexit on March 29.