ICANN's position is that their policy is triggered by changes to ISO-3166. The code SU has not been removed from ISO-3166-2; instead it is "exceptionally reserved" (as is the code UK).
If the standards committee takes the same approach with IO, then it's possible that gives ICANN a route not to apply this policy. However, if IO is deleted completely, then my reading is the policy would apply.
ICANN's position is that their policy is triggered by changes to ISO-3166. The code SU has not been removed from ISO-3166-2; instead it is "exceptionally reserved" (as is the code UK).
If the standards committee takes the same approach with IO, then it's possible that gives ICANN a route not to apply this policy. However, if IO is deleted completely, then my reading is the policy would apply.