Brexit—impact on finance transactions
Brexit—impact on finance transactions

The following Banking & Finance practice note provides comprehensive and up to date legal information covering:

  • Brexit—impact on finance transactions
  • Where can I find information on the most recent Brexit developments?
  • Impact of European Union (Withdrawal Agreement) Act 2020
  • What is the purpose of the EU(WA)A 2020?
  • What is the impact of the Withdrawal Agreement Act 2020 on retained EU law?
  • What is the impact on the secondary legislation already passed in connection with Brexit?
  • What might happen at the end of the implementation period?
  • Is the material looking at the impact of a No deal Brexit in this Practice Note still relevant given the UK exited the EU with a deal?
  • Brexit planning and impact—financial services
  • What is the impact of Brexit on UK legislation?
  • More...

As of exit day, the UK is no longer an EU Member State, but it has entered an implementation period during which it continues to be treated by the EU as a Member State for many purposes. As a third country, the UK can no longer participate in the EU’s political institutions, agencies, offices, bodies and governance structures (except to the limited extent agreed), but 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 transitional arrangements in Part 4 of the Withdrawal Agreement. For further reading, see: Brexit—introduction to the Withdrawal Agreement and Brexit Bulletin—key updates, research tips and resources.

This Practice Note:

  1. explains where to find information on the latest Brexit developments, in particular, those that impact financial institutions

  2. explains how UK legislation will be impacted by the end of the transition period and the approach taken to ‘on-shoring’ financial services legislation

  3. explains Brexit related issues of general applicability to finance transactions, including passporting, security and data transfer

  4. sets out key issues for various specific types of financing (including project finance, real estate, aviation, debt capital markets (DCM), securitisation, derivatives and transactions involving individuals), and

  5. explains the impact of certain key statutory instruments

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