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On 23 June 2016, the UK voted to leave the EU, sending shock waves across the markets and economies worldwide. While it will be several months before the full implications can begin to be understood, we look at some of the likely impacts on R&I lawyers and professionals.
The UK has voted to leave the European Union by 52% to 48%, with a turnout of 72%. The full impact of the referendum result will become apparent in the coming days, weeks and months (see LNB News 24/06/2016 1).
Following the vote for withdrawal on 23 June 2016, the next step is for the UK to notify the European Council of its intention to withdraw (this could be done immediately, but there is no specified time limit).
Article 50 of the Treaty on the European Union (TFEU) sets out a mechanism for a Member State to withdraw from the EU. The UK would give notice to leave and a period of negotiation would then follow to agree the terms of its withdrawal. Exit would occur at the earlier of either an exit agreement being signed or two years after notice is given.
The withdrawal agreement will set out the UK's future relationship with the EU. Unless the withdrawal agreement comes into force on an earlier date, the earliest date by which the UK leaves the EU automatically under the TFEU, art 50.3 is 24 June 2018 (if the UK were to give notice to leave the EU on 24 June 2016) . At that point, as the UK will no longer be a Member State EU, prima facie, EU regulations will no longer have any direct effect in the UK, unless specific withdrawal provisions are agreed.
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