Brexit—the UK corporate governance regime
Brexit—the UK corporate governance regime

The following Corporate guidance note provides comprehensive and up to date legal information covering:

  • Brexit—the UK corporate governance regime
  • Key areas of the UK corporate governance regime which will be affected by Brexit
  • FCA consultation on FCA handbook
  • The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019
  • Revised Shareholder Rights Directive
  • Company reporting on Brexit-related issues
  • Practical issues
  • Impact of Brexit on UK accounting and audit regimes
  • Summary of key relevant legislative and regulatory developments

At 11pm UK time on 31 January 2020 (exit day), the United Kingdom left the European Union in accordance with a ratified Withdrawal Agreement between the UK and the EU.

The UK is now regarded by the EU as a ‘third country’, ie it is a country that is not an EU Member State or a member of the European Free Trade Association (EFTA). Nevertheless, in accordance with the Withdrawal Agreement, the UK’s relationship with the EU is currently in a transition period (referred to in the UK as the implementation period). During the implementation period, the UK remains bound by existing and new EU laws and subject to the jurisdiction of the Court of Justice of the European Union. However, it is no longer a member of the political institutions or governance structures of the EU. The implementation period is due to end at 11pm UK time on 31 December 2020 (although it may be extended once, before 1 July 2020, by a period of up to two years).

During the implementation period, the UK and the EU will seek to negotiate and enter into an agreement that will govern their ongoing relationship (the Future Relationship Agreement). The framework for the future relationship is set out in a political declaration, the terms of which were agreed at the same time as the