“No deal” back on the table

The Prime Minister has now officially requested an extension of the Brexit deadline to 30 June 2019 to enable her to bring the negotiated withdrawal deal (the legally binding Withdrawal Agreement and the Political Declaration on future relations) back to Parliament for a third ‘Meaningful Vote’.  She has also stated that, as Prime Minister, she could not support any extension beyond this point in any circumstances.

The President of the European Council, Donald Tusk, responded that a short extension would be possible, but would be conditional on a positive vote on the withdrawal deal. Draft European Council conclusions state: “The European Council commits to agreeing to an extension until 22 May 2019, provided the Withdrawal Agreement is approved by the House of Commons next week. Given that The UK does not intend to hold elections to the EP, no extension is possible beyond that date”. Continue reading

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WHAT NEEDS TO HAPPEN FOR THE UK TO EXIT THE EU?

The Prime Minister has now officially requested an extension of the Brexit deadline to 30 June 2019 to enable her to bring the negotiated withdrawal deal (the legally binding Withdrawal Agreement and the Political Declaration on future relations) back to Parliament for a third ‘Meaningful Vote’.  The President of the European Council, Donald Tusk, responded that a short extension would be possible, but would be conditional on a positive vote on the withdrawal deal.

Assuming that an extension to 30 June 2019 (or whatever alternative date the EU agrees to) is agreed, what will need to happen for the UK to actually exit the EU? Continue reading

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Filed under Article 50, European Union (Withdrawal) Act 2018 (Great Repeal Bill), UK-EU negotiations

Brexit Asset Management Update

In this blog post we summarise the latest Brexit developments related to asset management.

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The backstop and Article 62 of the Vienna Convention on the Law of Treaties

International law and Geoffrey Cox QC MP, the UK Government’s Attorney General, burst onto centre stage this week as both became central to the UK Government’s ongoing attempts to get its Brexit deal through the House of Commons. Continue reading

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Countdown to Brexit – three key votes

With just 15 days to go until Brexit, this week’s events in the UK Parliament may well be crucial in setting the future direction for the UK’s relationship with the EU.  To try to make sense of the ongoing political turmoil, Tom Henderson, Senior Associate and member of our core Brexit team, hosted two webinars this week (11 and 14 March) with guest speaker Oliver Lewis, Director of political advisory firm, Hanbury Strategy. Continue reading

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Financial Services and the WTO in the context of Brexit

The EU Financial Affairs Sub-Committee of the House of Lords held a public meeting on financial services and the World Trade Organisation (WTO) on 13 March 2019.  Eric White, a Consultant in the Brussels office of Herbert Smith Freehills gave evidence to the Sub-Committee as did Dr Lorand Bartels of the University of Cambridge.

The proceedings were televised and a transcript and a report with recommendations will be published in due course.

Their Lordships explored the scope of the EU and UK obligations in relation to financial services under the WTO Agreement and on free trade agreements. Continue reading

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Filed under Banking & asset management, Financial services

Challenge to Brexit based on campaign spending irregularities in the referendum funding has failed at the first hurdle

The Court of Appeal has held that it is unarguable that the Prime Minister’s decision to notify the EU of the UK’s intention to withdraw from the EU was unlawful on the basis that the 2016 referendum was invalidated by certain leave campaigners exceeding campaign spending limits: R (Wilson) v Prime Minister [2019] EWCA Civ 304. Continue reading

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Upcoming Webinars (11 and 14 March 2019) – Countdown to Brexit: three key votes

As negotiations between the UK and EU continue, next week looks set to be a crucial time for decision making in the UK Parliament.  While the House of Commons’ business for next week has not yet been set out, as things stand, the timetable looks set to be: Continue reading

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Brexit Corporate Update

In this blog post we summarise the latest developments in UK corporate law and regulation related to Brexit.

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BREXIT ASSET MANAGEMENT UPDATE

FCA proposed rules and guidance

The FCA has published proposed rules and guidance that will apply in the event that the UK leaves the EU without a withdrawal agreement in place. This includes a Brexit policy statement and transitional directions (PS19/5) Continue reading

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