The Retained EU Law (Revocation and Reform) Act 2023 (“REUL Act“) and the Financial Services and Markets Act 2023 (“FSMA 2023“) received the royal assent on Thursday 29 June. These two pieces of legislation mark a step forward in the efforts to remove EU derived law from the UK Statute Book, except where required to … Read more

The Retained EU Law (Revocation and Reform) Bill (REUL Bill) has now completed its report stage in the House of Lords and is due to have its 3rd Reading on 22 May, after which it will return to the Commons.  A reprint of the REUL Bill showing the substantial amendments made at this stage will … Read more

Kemi Badenoch, the Minister responsible for retained EU law, yesterday announced a change of plan on the abolition of retained EU law and its replacement by purely domestic law, available here (and see also a related announcement here).  This is reflected in proposed Government amendments to be made during the Report Stage of the Retained … Read more

Much has been written about the Retained EU law (Revocation and Reform) Bill (the Bill), which is currently going through Parliament. This is the latest in the line of legal developments since a majority of the UK voted to leave the European Union in June 2016. Approaching seven years later, what is clear is how … Read more

The post below was first published on our Policy Matters blog. With Brussels and Downing Street at loggerheads our podcast assesses the prospects for “no deal” in 2022. Read more

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