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This week’s edition of Corporate highlights includes the latest updates on Brexit, the draft Companies (Directors’ Remuneration Policy and Directors’ Remuneration Report) Regulations 2019, the Sir Donald Brydon Independent review into audit quality and effectiveness call for views and the Small Business, Enterprise and Employment Act 2015 (Commencement No 7, Consequential, Transitional and Savings Provisions) Regulations 2019.
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On 10 April 2019, the EU27 met to consider the UK’s request to extend the Article 50 withdrawal period beyond 12 April 2019. The UK had originally repeated its request for an extension until 30 June 2019. Following extended talks, the European Council adopted a decision, taken in agreement with the UK, providing for an extension until 31 October 2019 at the latest. The decision notes that the extension should last only as long as necessary, and no longer than 31 October 2019. The Withdrawal Agreement may enter into force on an earlier date if approval and ratification procedures are completed sooner. On this basis, UK withdrawal would take place on the first day of the month following the completion of the ratification procedures or on 1 November 2019, whichever is the earliest. If the UK fails to adhere to the obligation to hold European Parliament elections, the extension will end on 31 May 2019.
The European Council decision confirms that the UK will remain an EU Member State for the duration of the extension, with full rights and obligations in accordance with Article 50 TEU. It also notes that the extension excludes any re-opening of the Withdrawal Agreement and the UK has a right to revoke its notification to withdraw from the EU at
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