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Welcome to this month’s highlights from the Lexis®PSL Banking & Finance team which cover the key news updates from January 2020.
As of exit day (11 pm on 31 January 2020), the UK ceased to be an EU Member State and no longer participates in the political institutions and governance structures of the EU. However, in accordance with the transitional arrangements provided in Part 4 of the Withdrawal Agreement, exit day marks the commencement of an 11-month implementation period during which the UK will continue to be treated by the EU as a Member State for many purposes.
Under the current terms, the implementation period will run from exit day until IP Completion Day (11 pm on 31 December 2020). During this period, the UK must continue to adhere to its obligations under EU law (including EU treaties, legislation, principles and international agreements), and submit to the continuing jurisdiction of the Court of Justice of the European Union in accordance with the Withdrawal Agreement.
Exit day is still key in terms of being the date the UK ceases to be an EU Member State, but in terms of the legal impact, IP Completion Day is the date that the majority of key domestic legal changes associated with Brexit will take effect, including the full repeal of the European Communities Act 1972, incorporation of retained EU law into the domestic legal regime and commencement of associated Brexit legislation, including Brexit SIs.
European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020) implements the Withdrawal Agreement into UK domestic law and includes a range of interpretation and consequential provisions in order to effect the implementation period and the associated changes in timing. IP Completion Day replaces exit day for many purposes throughout the
EU(WA)A 2020 and related Brexit legislation, including a specific provisions to defer the commencement of Brexit SIs and related enactments.
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