Brexit corporate update: No-deal preparedness

As a no-deal Brexit (i.e. the UK leaving the European Union on 29 March 2019 without a withdrawal agreement in place) remains the legal default unless the European Union (Withdrawal) Act 2018 is amended ahead of that deadline, below are some developments that will be of interest to corporate practitioners in the event of a no-deal Brexit.  In each case, the changes below will only come into effect at 11pm on 29 March 2019 if no deal is agreed and Brexit is not delayed (although current expectation is for a delay to either 12 April or 22 May 2019). Continue reading

“No deal” more off the table again (for now)

Last night (21 March 2019), the European Council agreed to offer the UK an extension until 22 May 2019, if the UK Parliament passes the “Meaningful Vote 3.0” in relation to the Withdrawal Agreement next week. If the vote fails once again, the UK will have until 12 April 2019 to approve the deal, otherwise it would need to choose between a “no deal” exit or longer extension with participation in the European Parliament elections. Continue reading

“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

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

Brexit Asset Management Update

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

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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

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