Monthly Highlights: December 2020

Monthly Highlights: December 2020

Welcome to this month’s highlights from the Lexis®PSL Banking & Finance team which cover the key news updates from December 2020.

Brexit

Brexit Bulletin—draft EU-UK Trade and Cooperation Agreement published

On 24 December 2020, the UK Government and the European Commission announced a deal in principle on the legal terms of the future UK-EU relationship. A copy of the draft Trade and Cooperation Agreement, agreed at negotiator level (to be ratified) has been published, along with a number of associated declarations and agreements including a separate Nuclear Cooperation Agreement and an Agreement on Security Procedures for Exchanging and Protecting Classified information.

Core Trade Documentation reviewed and published by LMA

The LMA published revised Secondary Terms and Conditions and Secondary Confidentiality Letters in preparation for the end of the Brexit transition period on 31 December 2020. The revised documentations will apply to all trades entered into on or after 1 January 2021. The revised Terms and Conditions also incorporate a bail-in clause, based on the LMA recommended form of bail-in clause, however, a bail-in clause has not yet been incorporated into the Multilateral Netting Agreement nor any of the Termination Agreements.


Beyond Brexit—DIT updates guidance on UK trade agreements with non-EU countries

The Department for International Trade (DIT) has published updated guidance on the status of trading arrangements taking effect following the end of the Brexit transition period on 31 December 2020 . While engagement is ongoing, and the DIT has confirmed that it is not expecting replacement trade arrangements to be in place with all countries in scope, some new/contingency trade deals have been signed. The guidance is updated to make it clear how those agreements will operate on 1 January 2021. While some of the agreements are fully ratified, others will apply on a provisional basis. Some agreements are not expected to be operational from 1 January 2021, including agreements with Canada and Mexico. These arrangements are expected to take effect in early 2021. Other deals

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About the author:

Neeta started her legal career at Allen & Overy in 2008 in the midst of the global financial crisis and the collapse of Lehmans where she gained most of her paralegal experience.

Neeta also did a short stint in litigation at the Revenue and Customs Prosecutions Office in 2006. Neeta graduated with a 2:1 honours degree from University of London, Queen Mary College and went on to obtain a distinction from the College of Law in the Legal Practice. She has been working at Lexis Nexis since April 2013.