The post below was first published on our Digital TMT and Sourcing blog. At the end of March, the UK Prudential Regulation Authority (PRA) published the Policy Statement (PS7/21) and the Supervisory Statement (SS2/21) which set out its expectations of PRA-regulated firms regarding outsourcing and third party risk management. The publications are part of the … Read more

From 31 December 2020, the European Regulation on Insolvency Proceedings (the “EIR”) ceased to apply in the UK. As a result: The EIR provides the rules for when the law of the place in which the insolvency proceedings have been opened can be supplanted by another law, but only that of a member state. The … Read more

At 11pm on 31 December 2020, the UK left the European single market at the end of the transition period agreed as part of the 2019 Withdrawal Agreement. The EU-UK Trade and Cooperation Agreement that was reached on Christmas Eve made no provision for continued recognition of, or co-operation in, insolvency and restructuring proceedings. This … Read more

European Union (Future Relationship) Act 2020 and commencement regulations The European Union (Future Relationship) Act 2020 has been published, having been given Royal Assent on 30 December 2020. The Act implements the Trade and Cooperation Agreement (TCA), the Agreement on Nuclear Cooperation and the Agreement on Security Procedures for Exchanging and Protecting Classified Information, as … Read more

The post below was first published on our FSR and Corporate Crime blog Upon the end of the Brexit transition period at 11pm on 31 December 2020, the UK ceased to implement EU sanctions. UK sanctions are now in force under the UK’s domestic sanctions regime, the framework for which is contained in the Sanctions … Read more

In this blog post we look into the implications of the EU-UK Trade and Cooperation Agreement on mobility. In summary: UK nationals can visit the Schengen zone* for tourism or business purposes for up to 90 days in total in any 180 day period. This can be a single visit or a number of visits. … Read more

On Christmas Eve, the UK and EU finalised the Trade and Cooperation Agreement (TCA) that governs their future trading and security relationship and came into effect when the status quo transition ended at 11pm 31 December 2020. At 1259 pages, it is a complex deal that will take time for businesses, governments and authorities to … Read more

We now have an agreement on the future partnership between the UK and the EU.  It is given the name Trade and Cooperation Agreement (TCA) but is, in EU parlance, an Association Agreement – a type of agreement which, in accordance with its legal basis – Article 217 TFEU, involves “reciprocal rights and obligations, common … Read more