Brexit—general issues and future relationship between the UK and EU [Archived]
Brexit—general issues and future relationship between the UK and EU [Archived]

The following Restructuring & Insolvency guidance note provides comprehensive and up to date legal information covering:

  • Brexit—general issues and future relationship between the UK and EU [Archived]
  • Warning:
  • The Brexit vote
  • Exit provisions and Article 50 of TEU
  • Future relationship between the UK and EU
  • Effect of Brexit on EU Regulations and Directives generally
  • Market volatility/rating downgrades

Warning:

This Practice Note is maintained only to cover the position in the immediate aftermath of the Brexit vote on 23 June 2016, and is for historic purposes only. It will not be updated in respect of any new case law or legislative developments. See documents under the Brexit toolkit for the current position.

The Brexit vote

On 23 June 2016, the UK voted to leave the European Union (EU) by 52% to 48%, with a turnout of 72%, sending shock waves across the markets and economies worldwide (see LNB News 24/06/2016 1 and News Analysis: EU Referendum 2016—After the Vote).

While it will take some time before the full implications can be fully understood, we look at some of the likely issues for R&I lawyers and professionals. The EU regulations will continue to apply to the UK despite the result of the referendum until the point at which the UK has formally withdrawn from the EU by giving notice, unless preserved after exit by the terms of the Great Repeal Bill (compared to UK legislation implementing EU Directives, which continues to apply unless and until repealed).

Our interactive Brexit toolkit brings together relevant content on the various legal requirements and implications of Brexit and includes links to Practice Notes, Checklists and Q&As as well as News Analysis