The following Dispute Resolution practice note provides comprehensive and up to date legal information covering:
This Practice Note considers the rules for determining the applicable law, also known as governing law, as they will apply between the UK’s departure from the EU on 31 January 2020 and the end of the implementation period, referred to by the EU as the transition period. It considers whether the implementation period can be extended, whether the applicable law regimes under Regulation (EC) 593/2008, Rome I and Regulation (EC) 864/2007, Rome II apply during the implementation period as well as what will happen at the end of the implementation period.
For a quick reference Brexit research aid that answers key questions on Brexit and includes helpful Brexit updates, research tips and resources, see: Brexit Bulletin—key updates, research tips and resources.
This Practice Note using a number of definitions:
European Union (Withdrawal) Act 2018—EU(W)A 2018
European Union (Withdrawal Agreement) Act 2020—EU(WA)A 2020
exit day—is defined in EU(W)A 2018, s 20
implementation period—is defined in EU(WA)A 2020, s 1. ‘Implementation period’ is the UK’s preferred term, while the EU refers to this period as the ‘transition period’
IP completion day—is defined in EU(WA)A 2020, s 39
Joint Committee—is defined in Article 164(1) of the Withdrawal Agreement
Withdrawal Agreement—is defined in the EU(WA)A 2020, s 39(1) as the agreement between the UK and the EU under Article 50(2) of the Treaty
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Background to the Single RulebookHistorically, the European Commission (Commission) favours using Directives (rather than Regulations) to set out its legislation in respect of the financial services sector. However, Directives, allowing Member States greater flexibility in how they implement
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