Antitrust | Banking | Commercial Real Estate | Corporate | Data protection | Employment law | Environment and Climate Change | Financial regulation | Funds and asset management | Intellectual property | Litigation | Pensions | Tax

Antitrust

Currently EU competition law: (i) prohibits anticompetitive agreements and concerted practices (Article 101 TFEU) and abuse of a dominant position (Article 102 TFEU); (ii) governs mergers in the EU that meet clear thresholds and conditions (through the EU Merger Regulation); (iii) prohibits certain State aid subsidies; and (iv) imposes public procurement obligations on public bodies to carry out fair, transparent and non-discriminatory tenders.

During the transition period, EU competition law continues to apply in the same way as prior to Brexit.

Following the expiry of the transitional period, and in the absence of any agreement between the EU and UK to align their respective competition laws:

• ​The UK's Competition Act 1998 and Enterprise Act 2002 largely mirror EU legislation so there would not necessarily be an immediate divergence in competition policy. However, UK courts will cease to be bound by judgments of the EU Courts, so divergences in the interpretation of the prohibitions on anticompetitive agreements and abuse of dominance could arise over time.
  
• The CMA will have to assess mergers and cases involving anticompetitive agreements and abuse of dominance in relation to the UK that are currently dealt with by the European Commission. This will mean an increase in merger and antitrust investigations being carried out by the CMA and the European Commission in parallel.
  
• There is the possibility that UK enforcement practices in relation to mergers may diverge over time from those of the EU. This could add an extra element of risk to mergers of businesses that operate in the UK and the EU given the requirement for approval in an extra jurisdiction.
  
• Any activities including mergers with an impact outside the UK will continue to be subject to EU law.
  
• EU State aid prohibitions will cease to apply. Whether the UK agrees to implement a domestic State aid regime that follows the principles of the EU regime will be a key issue in the upcoming negotiations regarding the future trading UK/EU trading relationship. Before winning the general election, the Conservative Party stated that it would introduce a domestic State aid regime based on the principles of WTO law (in particular the Agreement on Subsidies and Countervailing Measures), not EU law. It is not yet clear what form such a regime would take, if implemented, or whether it would maintain the rights of businesses to challenge subsidies granted to their rivals before the UK courts.
  
• EU public procurement obligations will also cease to apply. Here, the Conservative Party has stated that it will replace the EU's public procurement regulations with new laws, based on the WTO's Agreement on Government Procurement, which are "(i) simpler and cheaper; and (ii) geared towards supporting local business and promoting British business".
• The UK has in the past been influential in the framing of EU competition policy. For example the 2014 EU Damages Directive introduced minimum standards for antitrust damages claims in the EU, e.g. for disclosure, protection of leniency submissions, limitation periods, which had long been features of damages actions in the UK. The departure of the UK may see the EU become more protectionist, with the risk of a renewed push towards establishing national champions and looser State aid rules.​

Banking

As there is still uncertainty as to the terms of the future relationship between the UK and the EU it remains unclear how banking transactions and loan documentation may be affected once the transition period comes to an end on 31 December 2020.

See our briefing Brexit – implications for loan documentation. However, the main points to note are:

• English law remains an appropriate choice of law for loan documentation after the transition period.  EU member states will continue to apply Rome I and Rome II Regulations which require the law chosen by the parties to be applied whether or not it is the law of an EU member state.  Rome I and Rome II will also continue to apply in the UK in the form of retained EU law.  In terms of jurisdiction clauses we think that, on balance, the best way to proceed would be for parties to continue to follow their usual practice (i.e. opt for the non-exclusive or exclusive jurisdiction of the English courts).  However, parties may want to consider this in light of the circumstances of their transaction if enforcement of English judgments in EU states is likely to be important, as, following the end of the transition period, the Brussels I Regulation (which ensures recognition of judgments across EU member states) may no longer apply.  This means that a judgment of the English courts after the end of the transition period will need to be enforced under the law of each member state applicable to foreign judgments not covered by a treaty (the law currently applicable to New York judgments for example).  It is also possible that arrangements for the automatic recognition of judgments may be achieved through the UK becoming party to another convention, such as the Lugano Convention or the Hague Convention, or otherwise agreed.  See our briefing Brexit, English law and the English courts: where are we now?​​ for more information.
• References to EU member state or EEA member state in documentation should be checked on a transaction by transaction basis and amended as necessary to "EU member state and the UK" and "EEA member state and the UK" to reflect the fact that the UK is no longer a member state of the EU/EEA.
• References to EU legislation in documentation should be checked on a transaction by transaction basis as should the statutory/legislative interpretation provisions.  These are unlikely to need to be changed until the end of the transition period when there is more certainty.
• Article 55 of the Bank Resolution and Recovery Directive may need to be addressed in relevant English law contracts through the inclusion of a bail-in clause.  Indeed, it is now common for facility agreements to include an Article 55 bail-in clause.  It is not a legal requirement during the transition period to include the clause in relevant contracts however as the UK has now left the EU, its inclusion avoids the need for amendments to documentation after the transition period.
• It is too early to say whether some clauses such as illegality or increased costs may eventually be triggered.  However, potential loss of 'passporting' may be an issue for some lenders (which could potentially lead to triggering of illegality provisions). The main issue would be where licences are required for the making of (or maintaining participation in) loans in jurisdictions.  For flexibility, and to the extent that they do not already, lenders may want to consider inserting wording into documents which allows them to designate affiliates who meet the relevant regulatory requirements to make loans (without transferring commitment) to preserve a degree of flexibility.
• "Material Adverse Effect" provisions are unlikely to have been triggered by the vote result but it is still not clear what will happen at the end of the transition period.  Whether future events will trigger a MAE will depend on the terms of documentation and the circumstances or events concerned and will need to be addressed on a case by case basis.  There has been case law (the Grupo Hotelero case of 2013) which suggests that an MAE cannot be called if the situation giving rise to the MAE was already known to the parties when entering into the agreement – it could be argued that the possibility of Brexit has been known for a number of years.  However, the counter argument would be that the details of the UK/EU relationship in the post transition period along with its actual effects may not have been foreseeable.  When negotiating documents with MAE provisions, close attention should be paid to the MAE wording.

Commercial Real Estate

• The principles of English real estate law are derived from UK statute and common law, so EU law tends not to shape English real estate rights significantly. Therefore, during the negotiations for the Withdrawal Agreement, English real estate law was not a discussion topic and, moreover, none of the key points of the Government's agenda for the scope of UK negotiations with the EU appear likely to affect English real estate rights directly. Consequently, we would expect English real estate law to be only indirectly affected by Brexit.
  
• There are some specialist areas within the umbrella of a real estate transaction that derive some of their legislation from EU law, such as environmental law and health and safety law. There are also specialist (typically regulated) sectors with a significant real estate element, such as telecoms and energy distribution, which are also impacted by wider EU regulatory initiatives. Our views are:
  
  • Following Brexit, we expect that such EU legislation which is already implemented in the UK (such as the commitment to carbon reduction) will probably be retained, at least at first, as UK public policy in this regard is unlikely to change significantly in the short term.
    
  • While there may be divergence in the regulatory purposes of the EU and the UK after Brexit, the underlying impact on real estate law is unlikely to change significantly; energy distribution and telecoms operators typically already have considerable rights and powers over private and public property and these are unlikely to be removed (though they may be extended).
    
  • Employment issues can play an important role within property management contracts and construction transactions. Additionally competition laws can sometimes impact on cross-border or particularly high value real estate deals. The effect of Brexit on these particular areas of law over time could be significant, with associated effects on the commercial real estate sphere.
• With the success of the Conservative Party in the UK General Election of December 2019, the possibility has significantly diminished that there will be widespread and major changes to public policy in respect of real estate (in particular, the housing sector). However, the possibility of an increase in powers for local authorities to acquire land unilaterally, known as "compulsory purchase", to enable and encourage housing development should not be completely ruled out. The conditionality around such compulsory purchase may be simplified after Brexit, to the extent that EU restrictions on exercise of state power no longer apply and there is any repeal of the Human Rights Act 1998.
  
• The choice of offshore structures to hold UK property is an area of possible change, as both UK and global attitudes towards such tax efficient structures evolve.
  
• We consider that the legal fundamentals of UK asset purchases and sales, UK development projects and share purchase transactions governed by English law are unlikely to be significantly affected by Brexit.

Corporate

Listed companies which experience large falls in their share price as a result of market volatility e.g. caused by Brexit or the final trade deal, may request the FCA to suspend trading of their shares. The FCA may do so if the smooth operation of the market is, or may be, temporarily jeopardised or suspension is necessary to protect investors.

Companies with publicly traded financial instruments should also consider whether any of the repercussions of Brexit (including the possible outcome of the trade talks) on their business amount to inside information which, once identified, should be promptly announced to the markets. Their directors and other persons discharging managerial responsibilities must not deal in their company's securities if they are in possession of inside information and they should exercise caution around dealings if the company's share price is falling significantly.

To the extent that companies have not already done so, they should consider how to address Brexit and the end of the Brexit transition period (when trading arrangements may look very different to what they are now) in their standard terms of business and when documenting future transactions, for example whether to include provisions relating to change of law/illegality, termination rights for market disruption or material adverse change (that would be triggered if there is serious disruption to the trading arrangements between the UK and the EU), how terms referencing the EU, EEA and EU law are defined and how governing law and jurisdiction clauses work.

The Companies Act 2006 is the core legislation affecting the incorporation and operation of UK companies. Some parts of the Companies Act 2006 derive from EU directives, including some of the provisions relating to takeovers, accounts, statutory audit, dividends, capital maintenance, disclosure of information and various shareholder rights. Such provisions will not fall away at the end of the transition period (because they have already been implemented into domestic legislation) and are unlikely to be significantly impacted by Brexit.

There are some EU-wide corporate law concepts that we expect will fall away at the end of the Brexit transition period:

• There are three forms of EU legal entities (a European public limited company/Societas Europaea, a European Co-operative Society and a European Economic Interest Grouping) – these will not be available for registration in the UK following the end of the Brexit transition period. It is expected that these forms of companies will be converted to UK specific legal entities.
• The EU cross-border merger regime that allows mergers between companies in different EU member states will no longer to be available in the UK following the end of the Brexit transition period.   

The UK equity capital markets are heavily regulated by EU legislation, in particular:

• The market abuse regime is derived from an EU regulation. The European Union (Withdrawal) Act 2018 will ensure this regime continues in the UK, although consequential amendments will be required.
• During the Brexit transitional period, the UK remains subject to the single disclosure and transparency regime for companies listed on a regulated market anywhere in the EEA (which term should be read as including the UK during the transition period).  Prior to the end of the transition period, companies with a dual listing in the UK and in an EEA member state do not have to comply with separate obligations in each state. Following the end of the transition period, unless a trade deal is agreed which provides for separate arrangements in this regard, companies with a listing in both the UK and an EU member state are likely to be subject to two regimes, increasing the regulatory burden.
• In addition, during the Brexit transition period, a prospectus to offer or list shares or bonds which is approved by the FCA in the UK can be used in EEA member states without any further approval and minimal additional administrative requirements. It is not expected that this passporting right will continue after the end of the transition period – if it is not available, public offers in EU member states may become more complex for UK issuers.
• Takeovers in the UK are governed by the Companies Act 2006 (which implemented the Takeovers Directive and the Takeover Code which we expect will be largely unaffected by Brexit save in relation to the shared jurisdiction regime which will no longer apply following the end of the Brexit transition period. Brexit related changes will be made to both Part 28 of the Companies Act 2006 and to the Takeover Code.

Brexit insights for multinationals are available in the Clifford Change briefings section of this Topic Guide and on the Clifford Chance Brexit Hub.

Data protection

The UK data protection regime comprises the EU General Data Protection Regulation (GDPR), which took direct effect across the EU on 25 May 2018, and UK regulations implementing an EU Directive on privacy and electronic communications. The European Commission has also proposed to replace the EU ePrivacy Directive with a new (and more onerous) EU ePrivacy Regulation, originally proposed to take effect alongside the GDPR but now unlikely to take effect until after Brexit. The following key points should be considered:

• The GDPR restricts transfers of personal data to countries outside the EEA which have not been determined by the European Commission to ensure an "adequate" level of protection for personal data.
• The GDPR will cease to be effective in the UK on Brexit, but is likely to be replaced by a new UK law having essentially the same effect. The UK will in theory have the freedom to introduce a new, more "light-touch", regime, but in practice is unlikely to do so, at least in the short term. It may also agree not to for a transitional period through a transitional agreement with the EU.
• There is still the risk, however, that the UK will not benefit from an adequacy determination from the Commission, either in the short to medium term (because the Commission has to go through the process of considering the adequacy of the UK regime, and cannot begin that process while the UK is still an EU member state) or in the longer term (because the Commission decides that other aspects of the UK regime – for example in relation to government access to communications data – undermine the adequacy of data protection law). In those circumstances, the UK may similarly not treat the EU regime as adequate.
• Although the GDPR restrictions (and any UK equivalents) will not amount to an absolute prohibition on sharing personal data between the EU and the UK, they will impose very substantial administrative burdens on cross-border businesses. It is therefore important that, if possible, the UK is treated as adequate by the EU (and vice versa). In the short term, this is most likely to be achieved through a transitional agreement between the EU and the UK. This may give sufficient time for adequacy determinations to be reached before the transitional agreement expires.
• The UK will also need to replicate under its own law the adequacy determinations made by the European Commission in respect of other countries, so that transfers of personal data to "adequate" regimes such as Canada, Switzerland and the U.S. "Privacy Shield" arrangement can continue without interruption.
• The UK is also likely to lose the advantage of the "one-stop shop" regulatory concept in the GDPR. Businesses operating cross-border will find themselves regulated by both UK and EU member state regulators where they might previously have been regulated, at least for some purposes, only in a single lead jurisdiction.
• The UK will lose the limited influence that it has over the future development of EU data protection law, which will continue to apply to UK businesses with EU operations. The UK has been an advocate within the EU for a relatively business-friendly data protection regime. It is questionable how influential the UK's advocacy has been, but Brexit may lead to a less business-friendly regime going forward within the EU. The Information Commissioner's office has been very active in the development of pan-European guidance on interpretation of the GDPR and this role is likely to be reduced or eliminated on and from Brexit. The UK Government is keen to retain some influence over EU data-related policy-making as part of the longer-term settlement.

Employment law

A significant portion of UK employment law is derived from EU law including the legislation that governs maternity and paternity leave, agency workers' rights, paid holiday and the protection of employment upon the transfer of a business. Some of this domestic legislation has however been 'gold plated' beyond the basic requirements of EU law.

EU derived domestic legislation is perceived by some to have led to increased compliance and administrative costs for businesses. By means of the EU (Withdrawal) Act 2018 EU derived employment legislation will be converted into domestic legislation from Brexit, maintaining the protections and standards that benefit workers. In addition existing ECJ judgments will be given effect in our domestic law at the point of Brexit and will have the same status as Supreme Court decisions. However, the new EU (Withdrawal Agreement) Bill that is currently proceeding through Parliament is seeking to give government the power to specify in regulations that lower courts and tribunals will not be bound by ECJ cases or domestic cases on EU-derived employment rights. In addition, the Government has announced its intention to introduce a new Employment Bill that will potentially address the safeguarding of /non-derogation from EU derived employment rights.

Practical Implications

• It remains to be seen whether the domestic courts will be given the power to disregard existing ECJ case law, particularly in relation to Working Time Rights in relation to the calculation of holiday pay and the carry forward of holiday.
  
• It remains to be seen whether the domestic courts will consider themselves bound by post-Brexit decisions of the ECJ that develop employment law principles beyond the principles established in ECJ case law at the point of Brexit.
• Companies that operate European Works Councils will have to revisit their arrangements whether the Company is UK head quartered or not.
• Companies that transfer workforce data from EU locations to the UK should consider the post Brexit lawful basis for doing so under GDPR (for example a standard contractual clause) and make the appropriate arrangements.
  
• Companies may wish to audit their current staffing arrangements both within the UK and in EU Member States to assess which EU nationals may potentially be required to apply for a work permit if the current immigration treatment of EU nationals is not maintained. Equally UK nationals working in Member States may have to revisit their immigration status.
• Companies may also wish to provide support to their EU workforce to ensure as far as possible that they are able to continue working in the UK, and are able to clearly demonstrate having the right to work in the UK, post-Brexit. Doing so will also help to identify any EU workers who may not be able to apply/qualify for the new 'settled status', and therefore may need explore alternative visa options to ensure they can keep working in the UK post-Brexit.​
• Relocation, redundancies and off-shoring may arise, potentially triggering redundancy, Works Council and TUPE consultation obligations.

Clifford Chance briefing: (September 2019) Brexit Immigration Briefing​

Environment and Climate Change

A great deal of current UK environmental law derives from EU legislation put in place over several decades. The legal impact of Brexit would depend on the how the split is achieved legally, and the model put in its place governing the UK's ongoing relationship with the EU.

• EEA model: The UK would have to retain or re-enact most EU environmental legislation to ensure full access to the EU market. This would include areas such as integrated environmental permitting, water and air quality, waste management and chemicals legislation.
• Bilateral Agreements model: In general, the UK would still have to comply with all rules relating to standards of safety and environmental sustainability of products being put on the EU market. The UK might be able to relax some laws relating to operational environmental protection controls within UK borders. However, environmental and safety standards might not be significantly lowered more generally for a number of reasons:
  • The presence of international agreements which the UK will still have to comply with (e.g. the Kyoto protocol on carbon emission reductions, OSPAR Convention on marine pollution, the Bern Convention).
  • The UK has been a driver for stronger EU policy in some areas (e.g. integrated permitting, climate change policy and emissions reporting) where the EU has largely adopted UK practices; or the UK has pursued its own environmental framework, e.g. in relation to contaminated land remediation. 
  • While attempts to roll back environmental protections might find favour with some business sectors, these would be subject to close scrutiny by NGOs and be likely to be resisted by NGOS and the public alike.
• If the UK decides to weaken any particular environmental standards or regulatory frameworks, it seems likely that any change would be done through a process of gradual reform rather than an overnight cull of environmental laws. Irrespective of whether standards would be significantly lowered, it is possible that environmental policy driven purely by domestic politics would be more changeable than the longstanding and gradually evolving policy framework that currently applies across the EU.
• In Autumn 2017, the Environment Secretary, Michael Gove, made a number of statements seeking to allay concerns about weakening of environmental standards following Brexit. To this end he made a number of proposals aimed at ensuring that not only would environmental standards in the UK be maintained by Brexit, but enhanced. The Government's White Paper (dated July 2018) on a future agreement with the EU proposes a non-regression clause in relation to environmental matters, among other areas to ensure high environmental standards are maintained.  In addition, the Government proposes the establishment of an independent statutory environmental body aimed at ensuring that the Government properly enforces environmental law (in light of the removal of the supervisory role performed by the European Commission).  ​
• In relation to climate change action, even if EU legislation and targets for emissions reductions and renewable energy will no longer apply, the UK will still be bound by its own strong domestic climate legislation. The UK Government has reconfirmed its climate agenda since the vote.

Clifford Chance has also published briefings which explores some of the key issues in relation to environment and climate change law: (29 July 2016) Brexit - What next for Environmental & Climate Change Law? and (7 July 2016) Brexit and the Energy Sector: UK Climate Change and Renewables Policy and Targets

Financial regulation

• During the transition period, EU law relevant to financial services will continue to apply in both the UK and the EU as if the UK were still an EU Member State. For example, passporting and other market access rights between the UK and EU continue to apply during the transition period. This also includes new EU legislation that starts to apply in both the EU and the UK during the transition period.
• However, as of exit day, the UK no longer participates in the EU institutional arrangements such as the European Commission, the European Parliament, the Council of the EU, the European Supervisory Authorities etc. This means that the UK no longer has a formal role in shaping EU financial services law, regulation and supervisory approaches.
• The UK and EU are due to begin the next round of negotiations relating to their future relationship in March 2020. Failure to reach agreement by 31 December 2020 would lead to another "cliff edge" no deal scenario. Even if a free trade agreement is concluded by 31 December 2020, it currently seems unlikely that it would include a special agreement on market access for financial services, particularly given the UK's indications that it wants to be free to diverge from EU rules.
• Instead, the end of the transition period will likely involve a step change in market access between the UK and EU for financial services, including loss of passporting rights. In this scenario, the UK's post-Brexit status as a "third country" would be akin to that of US or Singapore now. UK financial services firms looking to provide services in the EU would have to navigate a patchwork of national licensing regimes, face restrictions on cross border business and many impediments compared with the market access that an EU or EEA firm would have.
• Some areas of EU financial regulation do have third country "equivalence" regimes that permit third country firms from jurisdictions with rules "equivalent" to EU rules to operate more freely in the EU. However, these equivalence regimes ​​​are far from being a panacea. They only apply in discrete product /service areas, e.g. recognition of US CCPs under EMIR and a limited EU passport under MiFIR to equivalent third country firms for wholesale business in the EU. Also, the Commission is not generally obliged to make any equivalence determinations and equivalence can be lost if a third country's laws and regulations fail to keep pace with EU regulatory developments.
  
• In the Political Declaration accompanying the Withdrawal Agreement, the UK and EU have agreed that they will endeavour to conclude all relevant equivalence assessments by the end of June 2020. However, this does not guarantee that either the UK or the EU will make positive equivalence determinations before the end of 2020, even if technical critera are met. In some cases, equivalence decisions depend on actions by national competent authorities and decisions about whether to make equivalence determinations may be influenced by broader FTA negotiations.
  
• The loss of passporting rights also creates uncertainties for the status and continuity of existing cross-border contracts for financial services, particularly those which contemplate the ongoing provision of financial services or carrying on of regulated activities during the life of the contract. The UK is however introducing temporary permissions and recognition regimes which would allow EU firms and financial market infrastructures to continue to provide services in the UK for a time-limited period following the end of the transition period.
  
• Much existing UK financial regulation (statutes, statutory instruments, rules and guidance) implements EU directives and is full of concepts and definitions taken from EU legislation. Also, some important components of UK financial regulation (e.g. the market abuse regime under MAR and rules on derivatives under EMIR) are contained in directly applicable EU regulations. The Withdrawal Act "onshores" this vast body of EU law or EU-related law at the end of the transition period. The Withdrawal Act provides that existing EU-related domestic law continues to form part of the UK domestic law after the end of the transition period even though the basis for its adoption has ceased to apply. In addition, it provides that directly applicable EU laws automatically become part of the UK domestic law at the end of the transition period.
  
• However, this on its own would not give the UK a workable body of domestic law as many EU-related provisions would not work effectively when the UK is no longer treated as a Member State. For example, references to EU institutions or processes will no longer be appropriate when the UK is no longer treated as a Member State. The Withdrawal Act gives the Government powers to remedy these and other "deficiencies" to reflect the post-Brexit status of the UK as a third country vis-à-vis ​the EU. The UK Government has made around 600 statutory instruments remedying these "deficiencies" to date and is expected to publish additional statutory instruments during 2020.
  
• In financial services the UK's current relationships with many non-EU countries in technical areas are dealt with at an EU level, e.g. recognition of US CCPs under EMIR and EU-US data protection arrangements. Following Brexit, the UK will also need to rebuild these types of relationships bilaterally, e.g. by regulators entering into MoUs and other arrangements for supervisory co-operation. In some cases, non-EU countries have indicated that the status quo will continue at least for a limited period post-Brexit (e.g. the CFTC in relation to EMIR-related no-action relief).

Funds and asset management

The UK funds and asset management industry currently benefits from the ability to passport both certain management and advisory activities and fund marketing activity across the EU. These passporting rights have been used extensively to further the single market and have shaped the way many asset managers conduct their business.  There are a number of key areas of potential impact for funds and asset managers:

• Loss of passporting rights – based on current rules, a Brexit would give rise to loss of managing and marketing passporting rights into other EU member states. The potential impact of this on retail fund managers is considerably greater than the impact on private fund managers operating funds marketed to sophisticated and institutional investors only.
• Currently, Brexit will mean that UK firms no longer qualify for a passport under existing EU legislation relevant to fund management and marketing activity (primarily the Markets in Financial Instruments Directives (MiFID), Undertakings for Collective Investment in Transferable Securities Directives (UCITS) and the Alternative Investment Fund Managers' Directive (AIFMD)).
• Managers who do not rely on passporting rights are unlikely to be considerably affected.
• UCITS funds are likely to be more heavily impacted that the private equity fund management industry because:
  • UCITS funds must be domiciled in an EU jurisdiction and managed by an EU management company. Post-Brexit, funds established as UCITS in the UK would no longer fall within the scope of the UCITS Directive and will no longer be able to rely on the passporting provisions that allow UCITS established in one member state to be managed and marketed in another.
  • The UCITS regime is designed to facilitate marketing of interests in those funds to retail investors. However, UK domiciled UCITS would, post-Brexit, be considered a "non-UCITS retail scheme", which would in turn fall within the definition of "alternative investment fund (AIF)" under AIFMD. As the UCITS marketing passport would no longer be available, a manager wishing to market interests in such a vehicle into other EU member states would need to do so under AIFMD, which requires compliance with individual national private placement regimes (NPPRs). This would likely cause difficulties for existing UCITS funds re-categorised in this way because most NPPRs prevent or heavily restrict marketing to retail investors.
  • The impact on private/alternative fund managers managing closed-ended AIFs will be less because there is no requirement that AIFs be domiciled in the EU, other than where an EU AIFM wishes to rely on the AIFMD marketing passport. Post-Brexit, existing EU AIFMs managing UK domiciled AIFs will be able to continue to manage those vehicles and where marketing into other EU member states will need to comply with the NPPRs as is currently the case for managers (EU and non-EU) marketing non-EU AIFs into the EU.
  • UK managers of UCITS and AIFs would need to consider whether they become subject to any local licensing requirements as a result of managing and marketing activities if they are doing so in other EU member states.
• Portfolio management and advisory services: many asset managers provide asset management related services under MiFID permissions (e.g. delegation of portfolio management of certain funds or acting as an advisor to a UCITS manager or AIFM, or separate account discretionary or advisory arrangements). Currently, a Brexit would mean loss of the MiFID investment services passport for UK investment firms so they would not be able to provide those services on a cross-border basis, and they would become subject to the national rules/licensing regime relevant in each individual member state in which they want to conduct such services.
• In addition to loss of passporting rights for UK firms, asset managers operating in other EU member states would lose the ability to passport their services and market their funds into the UK. Those firms would need to comply with the current UK Financial Services and Markets Act 2000 regime and related FCA rules. 

Intellectual property

Unitary rights

Some categories of intellectual property rights (and rights similar in nature) presently cover the whole EU via a single unitary right. These EU unitary rights will continue to apply in the UK until Implementation Period (IP) Completion Day (the end of the transition period) on 31 December 2020. At that point various Statutory Instruments made under the European Union (Withdrawal) Act 2018 will give rise to comparable rights in the UK. The comparable UK rights which will come into effect in this way are for:

• EU trade marks which are registered on IP Completion Day
• EU registered designs which are registered on IP Completion Day
• EU designations under international trade mark and design registrations which are in force on IP Completion Day
• EU unregistered designs protected on IP Completion Day
• EU Geographical Indications and Protected Designations of Origin (and similar rights) which are registered on IP Completion Day
• EU plant varieties which are granted on IP Completion Day

For registered EU trade marks and designs, where the legal framework is already largely mirrored at national level as a result of harmonisation of EU law, the expectation is that the grant of UK rights to replace the protection under the EU registration will be largely automatic and will only require the owners to take action if requested to do so by the UK IP Office. Holders can pro-actively opt out if they do not wish to have the UK comparable protection.

For GIs, PDOs and plant varieties, the UK will need to create national systems in order to continue protection.

The applicable Statutory Instruments preserve the rights of licensees under and security interests in EU unitary rights, by applying them to the comparable UK right, but in the case of licences this is subject to contrary agreement, meaning that a review of licences is advisable. Holders of security interests in or licences under the EU rights will also have to proactively re-register their interest to retain the protection of recordal under the comparable UK rights but are given a window of 12 months from IP Completion Day in which to do that. 

If an application for registration or grant is only pending before the relevant EU body on IP Completion Day, then the applicant will have to refile in the UK if it wishes to have UK protection, but may claim the filing date/ priority/ seniority of the EU application, provided that it re-files in the UK within 9 months of IP Completion Day or other applicable specified period.

EU designations under international trade mark and design registrations will be treated similarly to EU trade marks and designs. The UK IP Office and WIPO announced on 30 January 2020 that they are discussing the most appropriate mechanism for that.

For all these unitary registered rights the Statutory Instruments contain further detailed changes to address the change from an EU-wide right to a UK national right. 

Unregistered designs are presently protected by an EU unitary system and a UK national system which differ in a number of respects.  To ensure continuity of protected design rights, the EU unregistered right will be mirrored into the UK national system on IP Completion Day for designs already protected, as well as for designs disclosed in the UK (or other qualifying country) after that date. Unless otherwise agreed, EEA designers disclosing their design in the EEA will cease to enjoy automatic protection under the UK unregistered design right with effect from Exit Date.

The UK does not presently have analogous national protection for Geographical Indications or Protected Designations of Origin. The relevant Statutory Instrument will therefore adopt the applicable EU Regulations as national law, subject to amendments to make the new scheme operate as a national scheme rather than an EU-wide one. Geographical Indications and Protected Designations of Origin on the EU register at IP Completion Day will be entered into the UK system.

Impact of Brexit on national rights

The existence of certain national rights created under harmonising legislation, such as the sui generis database right, currently requires an EEA nexus. From IP Completion Day, the focus will be on a UK nexus, rather than EEA, but with saving provisions for the database rights of makers from other EEA member states which are already in existence.

UK law relating to copyright and related rights will also be modified in a variety of respects to reflect the future reality of the UK’s separate status. Most UK copyright law is based on harmonising directives, but certain specific measures have latterly been introduced via EU regulations.  Some of this will be adopted into UK national law, with appropriate amendments, on IP Completion Day. Regulation (EU) No 2017/1128 on the cross-border portability of online content services in the internal market will cease to apply.

The implementation deadline for Directive (EU) 2019/790 of the European Parliament and of the Council of 17 April 2019 on copyright and related rights in the Digital Single Market falls after IP Completion Day. The UK Government's present position is that it will not implement that Directive into UK law.

Most of the UK's substantive patent law will be unaffected by Brexit, as it is currently based on the European Patent Convention, which is not an EU instrument.  However some changes to compulsory licensing relating to the UK’s separate status will come into effect on IP Completion Day.

Supplementary Protection Certificates, although currently issued under an EU Regulation, are already granted at a national level. The existing EU SPC regulation will from IP Completion Day form part of UK law, but with amendments to create a more standalone system. SPC applications filed in the UK prior to IP Completion Day will be preserved. However, there remains uncertainty around the operation of SPCs, particularly applications which will transition. This is because their existence is subject to the grant of marketing approvals through the medicine regulatory regime, which itself is being separated with centralised European approvals ceasing to have effect in the UK.

Open questions and the future

The actions taken to date via the Withdrawal Agreement and the United Kingdom’s implementing legislation aim to ensure that existing rights and law will largely be preserved in the United Kingdom on IP Completion Day, albeit in some cases in a different form or with slightly different rules. 

For UK-based right holders, the situation is not necessarily the same in reverse, where protection or its scope currently requires an EEA nexus. This potentially has various impacts, including on UK owners of database rights and design rights in semiconductor topographies, and on UK broadcasters clearing rights for satellite broadcasts into the EEA. It is also not clear whether UK based lawyers and attorneys will continue to be able to represent clients before the EU IP Office. If an agreement on the future relationship is reached before IP Completion Day, it might be possible to clarify these issues. The shape of any trade deal will also impact on the future of exhaustion of intellectual property rights as between UK and EEA.

Over time, we may see further divergence, but at least initially UK law will remain largely aligned, but modified to reflect its future separate status.

The Unified Patent Court Agreement was ratified by the United Kingdom on 26 April 2018, indicating the UK's wish to participate in the new European system after Brexit. If and when the unified patent litigation system comes into effect this will also be the trigger for the availability of EU unitary patents. Aside from Brexit being a contributing factor, a further delay of the implementation of the Unified Patent Court Agreement has been caused by a challenge to the constitutionality of the German legislation enabling the ratification of the Unified Patent Courts Agreement (German ratification is a precondition for the system to go live). The challenge asserts that Unified Patent Court judges do not have the required degree of independence or democratic legitimacy and that the Unified Patent Court is incompatible with EU law. Assuming that the German courts determine the legislation to be constitutional, the question then remains whether the UK can continue and join the UPC. This remains a matter of some controversy, and although there are legal opinions supporting the ability of the UK to participate in both systems, there are larger political issues. The biggest of these from a UK perspective is that the UK's participation would require the UK to accept some "sovereignty" of the CJEU as a Court of reference on points of law.

Litigation

English law: Substantive English law used in transactions will be unaffected by Brexit because it is not, with trivial exceptions, derived from EU law. Regulatory changes arising from Brexit could, however, affect the enforceability of an English law contact (eg if the loss of a passport or other authorisation in a member state in which an obligation must be performed rendered contractual performance illegal in that member state, it may be that performance would be unenforceable as a matter of English law). Assuming that the Withdrawal Agreement comes into force on 1 February 2020 and, with it, the transition period to the end of 2020, this risk will only arise at the end of that period and will depend upon whether the UK and the EU enter into a long term trade deal applicable from the end of the transition period and, if so, the terms of that deal as well as local law in relevant states.

Choice of law: The validity of a choice of English law will be unaffected by Brexit. EU member states will continue to apply the Rome I and Rome II Regulations, which require the law chosen by the parties to be applied whether or not it is the law of an EU member state. Rome I and Rome II will continue to apply, with minor changes, in the UK after Brexit in the form of retained EU law under section 3 of the European Union (Withdrawal) Act 2018.

Choice of court: The English courts will continue to uphold the parties' choice of the English courts after Brexit. If the Withdrawal Agreement enters force (and subject to any long term deal between the UK and the EU), after 31 December 2020 the English courts will also be able to grant anti-suit injunctions to restrain proceedings in EU member states brought in breach of a jurisdiction clause. There may be a question as to whether courts in EU member states will uphold a jurisdiction clause in favour of the English courts (at least, unless the English court was first seised: article 33 of the Brussels I Regulation).

The UK has acceded in its own right to the Hague Convention on choice of court agreements, originally intending the Convention to come into force in the UK on 1 April 2019. The EU is already a party to the Hague Convention. In the light of the extensions of the UK's membership of the EU beyond 29 March 2019, the UK has suspended its accession to the Hague Convention until 1 February 2020. If the Withdrawal Agreement and, with it, the transition period come into force, the UK will likely withdraw its instrument of accession with a view to acceding again with effect from 1 January 2021. For contracts containing exclusive jurisdiction clauses (which do include asymmetric clauses) in favour of the English courts entered into after the Convention comes into force in the UK, courts in EU member states will be obliged to defer to the parties' choice of the English courts.

Other jurisdictional rules: Assuming that the Withdrawal Agreement and, with it, the transition period come into force, the UK will remain bound by the Brussels I Regulation until 31 December 2020. After that date, the Brussels I Regulation will cease to determine the jurisdiction of the English courts over parties domiciled in the EU and in certain other circumstances. The jurisdiction of the English courts will, in the main, revert to the rules applicable to parties not domiciled in the EU. The jurisdiction of courts in EU member states over parties domiciled in the UK will be determined by the national law of each member state, with the limited exceptions where the Brussels I Regulation applies regardless of domicile (eg proceedings relating to real property in a member state or where there is a jurisdiction clause in favour of the courts of that state).

Enforcement of judgments: If the Withdrawal Agreement and, with it, the transition period enter into force, an English judgment given in proceedings started before the end of the transition period on 31 December 2020 will be enforceable in EU member states in accordance with the Brussels I Regulation both before and after that date. Otherwise, a judgment of the English courts will cease to be enforceable in EU member states under the Brussels I Regulation but it is likely to be enforceable under the law of each member state applicable to foreign judgments not covered by a treaty (the law currently applicable to, for example, New York judgments). A judgment given by a court in an EU member state after Brexit will be enforceable in England by common law means (or, possibly, in the case of six EU member states, under treaties between the UK and those states entered into before the UK joined the EU in 1973).

An English judgment given in proceedings to which the Hague Convention applies will be enforceable throughout the EU in accordance with the Convention.

Arbitration: Arbitration is unaffected by Brexit. The UK and all EU member states are parties to the New York Convention, which provides for the recognition of arbitration agreements and the enforcement of awards.

Pensions

Much of current UK pensions legislation is domestic in origination and so will be unaffected by Brexit. However, some of it does have EU-roots. For example, parts of the Pensions Act 2004 relating to scheme funding originally derived from Europe. In addition, some of the UK's pensions practices derive from European case law.

There will be no any immediate changes during the transition period which runs to 31 December 2020. As things currently stand, UK courts will not be bound by decisions of the ECJ made after expiry of the transition period, but "may have regard" to those decisions "so far as relevant to any matter before the court".  It remains to be seen in practice to what extent the English courts will follow/apply post-Brexit decisions of the ECJ that develop new pensions law principles post-Brexit.

The Occupational and Personal Pension Schemes (Amendment etc) (EU Exit) Regulations 2019 (the Pension Brexit Regulations) will come into force on the expiry of the transition period (i.e. 31 December 2020) and make minor and technical changes to UK primary and secondary pensions legislation, broadly to ensure retained EU law continues to operate effectively and to address other deficiencies arising in UK pension legislation as a result of Brexit.

Key things to be thinking about from a pensions perspective:

• Employer covenant – a key issue for defined benefit (DB) schemes is the effect (if any) that Brexit may have on the sponsoring employer's business as this may have a direct impact on the employer covenant (the legal obligation, ability and willingness of an employer to fund its pension scheme). Covenant is not something which will be new to DB scheme trustees (or employer(s)), but it will be important to understand how the employer's business (e.g. its reliance on imports or exports, plans for investment etc.) is being affected by Brexit and any further potential implications after the expiry of the transition period which will largely depend on the terms of any deal reached between the UK and EU as applicable on the expiry of the transition period.
• Funding – the longer-term impact on the funding position of DB schemes remains to be seen.  The Pensions Regulator has said that trustees should not be too focussed on short-term market movements caused by Brexit and recent legislative developments (in particular the Pension Schemes Bill) also encourage trustees to focus on the longer-term funding strategy for their schemes. 
• Investment issues – the impact on financial markets may also be cause for DB scheme trustees to keep their investment strategies under review, whilst defined contribution (DC) schemes and providers may consider whether the investment options made available to members remain appropriate. 
• Trustees and employers should also use the transition period as an opportunity to review the terms of any funding/support packages in place, to check whether any legal or investment triggers may occur on the expiry of the transition period that may cause automatic consequences in respect of such arrangements (e.g. the downgrading in a company's credit rating may trigger the termination of a guarantee or increased funding payable to a DB scheme).
• Data protection – changes to the regime for data protection came into effect in all Member States, including the UK on 25 May 2018 under the EU General Data Protection Regulation (GDPR). The GDPR introduced new concepts and some enhancements to the protections for individuals which would have required most pension scheme trustees to alter their existing processes. Please see our Brexit update on data protection for further details.    
• Impact on financial services regulation – a key issue is the impact on financial services regulation and arrangements for cross-border access and passporting rights. For example, in a pensions context, there are concerns around how insurers and other personal pension providers who currently rely on passporting rights will be permitted to continue to pay benefits to pensioners and other pension scheme beneficiaries living outside of the UK in the EU after the expiry of the transition period.  Please see our Brexit update on financial regulation for further details.
• Corporate transactions – if the long-term impact of Brexit is to increase the magnitude of DB scheme deficits whilst simultaneously weakening the strength of sponsoring employers, it is possible this could make pension schemes more of a stumbling block to corporate transactions and restructurings where a UK DB scheme is involved. The government has also introduced the Pension Schemes Bill which covers a wide range of changes designed to create a "stronger" Pensions Regulator; some of which could have a significant impact on business activity (for example corporate, finance and restructuring transactions) where DB schemes are involved including new, very broadly drawn criminal offences. Please see our two client briefings on this topic for further information.
• Cross-border pension schemes – broadly, cross-border pension schemes are subject to certain additional regulatory requirements, including that they must apply for authorisation and approval from the Pensions Regulator. The cross-border regime will cease to apply to the UK on 31 December 2020. As such, the Pension Brexit Regulations revoke the UK's cross-border regulations and also remove the requirement for UK occupational pension schemes to obtain authorisation from the Pension Regulator for cross-border activities with effect from the end of the transition period.  The Commission has confirmed that UK cross-border schemes will be treated as "third-country" undertakings post-Brexit, broadly meaning that they will only be able to operate in an EU Member State if permitted to do so by, and subject to, the national law of the applicable Member State. 

Tax

After Brexit, the legal position as regards UK tax law will depend on the terms of the alternative settlement to full EU membership which is agreed by the UK. The key implications from a tax perspective are set out in our briefing: The tax impact of Brexit: what steps should UK and EU businesses take now?

If there is a comprehensive transitional period then most tax changes will be deferred until transition ends. However, after that time, unless there is a very expansive FTA between the UK and EU, the UK Government would be free to implement tax legislation which would not currently be compatible with EU law.

In the event, tax measures which are contrary to the free movement of goods, establishment and/or capital could be implemented, including taxes on the raising of capital or cross-border flows. Furthermore, any area of UK tax law which is currently incompatible with EU law may become valid. For example:

• Controlled foreign company legislation could be extended to its intended original scope, with CFC charges imposed on UK companies calculated by reference to the profits of subsidiaries based in EU jurisdictions with low effective rates of tax (although there is at present no indication the Government will do that)
• The 1.5% tax charge on the issue of shares and securities to clearance services or depositories, which was found to breach the EU Capital Duties Directive, could be enforced (although the Government has announced that it does not intend to do so after Brexit).

An FTA agreed between the UK and EU would likely include rules similar to the prohibition on "State aid" in Art 107 TFEU. However, if it did not then the UK would be free to enact legislation and make arrangements which would currently constitute unlawful State aid, subject only to WTO rules. For example, the Government could incentivise companies to relocate to the UK by offering tax "favours", or advance tax rulings, which provide a selective advantage to those companies over others.

We could even see regions, cities and councils compete to provide business with tax incentives (as they do in the US). Whether this is a good idea from a policy perspective is very arguable – but there could be significant political pressure on Government, at all levels, to provide State aid if able to do so. 

The more immediate issue will be establishing how the detail of UK tax law is impacted by Brexit. While the European Union (Withdrawal) Act 2018 addresses some of the difficulties it will not be clear for some time how these will be resolved in practice by the courts. For example:

• The extent to which CJEU case law and EU jurisprudence will continue to influence the decisions of UK courts after Brexit and the interpretation of UK tax law (especially in relation to VAT) remains uncertain;
• It is unclear how pending (or potential) cases brought against the UK Government on the basis of UK tax law being incompatible with EU law will be resolved, particularly where the matter in question has not been referred to the CJEU before exit day; and
• The UK Supreme Court will no longer be bound to follow the principles of interpretation established by the CJEU, so the overarching cornerstones of VAT law (such as the principles of legal certainty, fiscal neutrality, equivalence and non-discrimination) could fall away, which would have a profound impact on the way in which VAT law is interpreted.

Moreover, following a legislative amendment approved by Parliament in January 2019 (the "cooper amendment"), the event of a "no deal" Brexit the UK Government may be restricted in its ability to update relevant UK tax lesgilation to deal with withdrawal from the EU without obtaining Parliamentary approval for those changes. It is not yet possible to predict the full impact of this, but this does result in further uncertainty for taxpayers.

If these uncertainties in relation to taxation are not adequately resolved in the post-Brexit alternative settlement, this is likely to result in potentially unwelcome uncertainty for UK companies. For example:

• Some UK companies may have taken comfort from the limits placed on the UK Government's taxing powers by EU law. Indeed, these limits may have been fundamental to those companies' decisions to base themselves in the UK;
• Preferential EU rules applicable to cross-border transactions may no longer apply.  For example, dividends and interest paid by certain EU subsidiaries to UK parents may become subject to withholding tax as a result of the Parent-Subsidiary Directive and Interest and Royalties Directive no longer applying. Moreover, VAT may need to be charged on transactions where it is currently not charged and UK businesses may need to register for VAT in EU countries where they are currently not required to do so;
• The remaining EU Member States would equally be free to exercise their taxing powers in a manner which, by accident or design, discriminates between local entities and UK entities (or local branches of UK entities);
• The UK would lose its influence over tax-related developments within the EU. This could be significant in relation to the proposed EU Financial Transaction Tax, which the UK has so far lobbied against effectively;
• VAT provisions in commercial contracts may need to be amended in light of a full Brexit (e.g. where VAT is defined by reference to EU VAT legislation only, in which case the contractual provisions may no longer apply in relation to UK VAT); and
• In the absence of an alternative free trade agreement, the EU would impose the Common Customs Tariff on imports from the UK, and the UK would likely impose tariffs (limited by its WTO obligations) on imports from the EU.

At a wider international level, Brexit is unlikely to have such a significant impact:

• The UK would continue to benefit from and remain subject to its extensive network of double tax treaties, including (where relevant) their non-discrimination provisions;
• The UK would also continue to have influence in international efforts to drive tax policy, including the ongoing OECD BEPS project; and
• Depending on the alternative settlement reached, the UK may be free to negotiate its own free trade agreements with other jurisdictions, which could result in fewer tariffs and duties on exports and imports between the UK and those other jurisdictions.

There is one important exception for some companies in the EU receiving income from the US on which they claim relief under double tax treaties with the US. US tax treaties limit treaty benefits to certain classes of person, and in many cases one important class is private companies with EU shareholders. Any EU company in this position which has significant UK shareholders will need to consider if Brexit has the indirect effect of causing it to lose its eligibility under the relevant US treaty.

Political Declaration

• Political Declaration setting out the framework for the future relationship between the EU and the UK​

Terms of reference

• Terms of reference on the UK-EU future relationship negotiations | UK Government webpage | Agenda for the 1st round (2-5 March 2020)

Negotiating directives and statements

Press releases, statements and speeches

• (5 March 2020) Remarks by Michel Barnier after 1st EU-UK negotiation round​
• (3 February 2020) European Parliament press release​ - Future EU-UK relations: next steps​
• (9 January 2020) Remarks by Michel Barnier at the European Commission Representation in Sweden
• (8 January 2020) Speech by President von der Leyen at the LSE on 'Old friends, new beginnings: building another future for the EU-UK partnership'​
  
• ​(8 January 2020) European Commission statement​ on meeting between President von der Leyen and Prime Minister Johnson | UK Government press release on the meeting

Internal EU27 preparatory discussions slides

• (21 January 2020) Architecture and legal nature of the partnership​
• (20 January 2020) Governance​
  
• (20 January 2020) Mobility of persons
  
• (20 January 2020) UK participation in Union programmes​
• (17 January 2020) Foreign policy, security and defence
• (16 January 2020) Law enforcement and judicial cooperation in criminal matters
• (15 January 2020) Energy
  
• (15 January 2020) Transport​
• (14 January 2020) Level playing field
  
• (14 January 2020) Fisheries
  
• ​(13 January 2020) Free trade agreement
• (10 January 2020) Personal data protection (adequacy decisions); cooperation and equivalence in financial services ​

Other relevant documents

• (19 February 2020) European Commission documents to Member States - Trade agreements - geography and trade intensity
• (22 January 2020) Council of the EU, Guiding principles for transparency in negotiations on the future relationship with the UK​

See also

• European Commission webpage - The EU and the UK - forging a new partnership
• (24 January 2020) European Commission, Q&As on the UK's withdrawal from the EU on 31 January 2020​

Withdrawal Agreement and Political Declaration | Terms of reference | Phase two negotiations | Phase one negotiations

Revised Protocol and Political Declaration

• (12 November 2019) Withdrawal Agreement and Political Declaration published in the OJ​
• (17 October 2019) ​Revised Protocol​ | Revised Political Declaration​ | Consolidated version of the Withdrawal Agreement​
  
• (17 October 2019) Unilateral Declaration by the UK Government​ on the operation of democratic consent in Northern Ireland concerning a customs border | Position of the UK Government on the terminability of the Protocol

Terms of reference and negotiating objectives

(19 June 2017) Terms of reference for the Article 50 negotiations between the UK and the EU

Phase two negotiations (2018-19)

Joint publications

• (18 June 2019) EU-UK correspondence on ring-fencing citizens' rights​
• (11 April 2019) European Council Decision and Letter confirming UK Government's agreement to Article 50 extenstion to 31 October 2019 | UK Government webpage | Exchange of letters between the European Commission and the UK​ setting out and confirming technical updates to the Withdrawal Agreement reflecting the extension of Article 50 beyond 29 March 2019
• (22 March 2019) European Council Decision​ and Letter confirming UK Government's agreement to Article 50 extension | UK Government webpage
• (11 March 2019) Joint statement supplementing the Political Declaration​​ | Instrument relating to the Withdrawal Agreement​ - document of reference. HM Government also published updated versions of the Withdrawal Agreement and Political Declaration, laid before the UK Parliament with other materials on 12 March 2018:
  • ​Withdrawal Agreement
  • Political Declaration
• (14 January 2019) Exchange of letters between the UK and EU on the Northern Ireland backstop | Letter from the Attorney General to the Prime Minister on the legal and political impact of the exchange​
• (25 November 2018) European Council agrees Withdrawal Agreement and Political Declaration, which were laid before the UK Parliament on 26 November 2018: 
  • Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community, as endorsed by leaders at a special meeting of the European Council on 25 November 2018 
    
  • Political Declaration setting out the framework for the future relationship between the European Union and the United Kingdom​
• (24 November 2018) Draft Withdrawal Agreement - reflecting updated Article 132
• (22 November 2018) Draft Political Declaration setting out the framework for the future relationship between the European Union and the United Kingdom​, agreed at negotiators’ level and agreed in principle at political level, subject to endorsement by Leaders.
• (14 November 2018) Draft Withdrawal Agreement | Outline of the Political Declaration setting out the future framework for the relationship between the UK and the EU | Joint Statement by the EU and UK negotiators
• (19 June 2018) Joint Statement from the negotiators of the EU and UK Government on progress of negotiations under Article 50 TEU on the UK's orderly withdrawal from the EU
• (4 May 2018) Agreed list of topics for discussions on the future framework
• (19 March 2018) Draft Withdrawal Agreement - Mark-up showing areas of agreement

EU

Explanatory materials on Withdrawal Agreement and Political Declaration

• Q&A on the revised Withdrawal Agreement
• Q&A on the rights of EU and UK citizens, as outlined in the Withdrawal Agreement ​
  
• Q&A on what is in the Withdrawal Agreement 
• Q&A on the Protocol on Ireland and Northern Ireland
  

Official publications

• (30 January 2020) Press release, Brexit: Council adopts decision to conclude the withdrawal agreement
• (29 January 2020) Press release, Brexit deal approved by the European Parliament​​
• (24 January 2020) Webpage, Presidents Charles Michel and Ursula von der Leyen sign the​ Withdrawal Agreement
• (23 January 2020) Press release, Brexit: the Withdrawal Agreement passes the first European Parliament test​
• (13 December 2019) European Council conclusions ​adopted at the Art 50 meeting held on 13 December 2019
• (29 October 2019) European Council Decision​ taken in agreement with the UK extending the period under Article 50 to 31 January 2020 | European Council Declaration​ | Press release​
• (17 October 2019) European Commission Recommendation to endorse the revised Withdrawal Agreement | Letter from EU Commission to EU Council | Press release
• (3 October 2019) Statement by the Members of the European Parliament Brexit Steering Group (BSG) on the UK's October proposals​
• (2 October 2019) Statement by European Commission following President Juncker's phone call with Prime Minister Johnson​
• (18 September 2019) European Parliament resolution of 18 September 2019 on the state of play of the UK's withdrawal from the European Union
• (16 April 2019) Speech by President Donald Tusk at the European Parliament on the special meeting of the European Council (Art. 50) on 10 April 2019​
• (10 April 2019) Speech by President Donald Tusk after the special meeting of the European Council (Art. 50) on 10 April 2019
• (9 April 2019) Invitation letter from Donald Tusk to members of the European Council ahead of special meeting on 10 April 2019​
• (22 March 2019) Decision taken by the European Council in agreement with the UK extending period under Art 50
• (11 March 2019) Materials on the Joint Statement and Instrument relating to the Withdrawal Agreement:
  
  • Communication on the endorsement by the EU Commission of Interpretative Declarations related to the Withdrawal Agreement, and on their transmission to the EU Council​​
    
  • Letter from Commission President Jean-Claude Juncker to Council President Donald Tusk​​
    
  • Remarks by Jean-Claude Juncker at the joint press conference with Theresa May
    
• (19 February 2019) Withdrawal Agreement and Political Declaration in Official Journal​
• (8 February 2019) Slides published by the European Commission - The EU-UK Withdrawal Agreement explained​
• (16 January 2019) Speeches by First Vice-President Frans Timmermans and Chief Negotiator Michel Barnier​ on the House of Commons vote against the Withdrawal Agreement 
• (13 December 2018) European Council (Art.50) conclusions​ | Remarks by President Donald Tusk after the European Council m​eetings
• (5 December 2018) Proposal for a Council Decision on the conclusion of the Withdrawal Agreement and Proposal for a Council Decision on the signing, on behalf of the EU and of the European Atomic Energy Community, of the Withdrawal Agreement​
• (25 November 2018) European Council (Art.50) conclusions​
• (14 November 2018) Press release: European Commission recommends to European Council (Art. 50) to find that decisive progress has been made in Brexit negotiations | Michel Barnier speech | Donald ​Tusk remarks
• (21 September 2018) Statement by President Donald Tusk on the Brexit negotiations
• (20 September 2018) Remarks by President Donald Tusk after the Salzburg informal summit
• (29 June 2018) European Council (Art. 50) conclusions
• (15 May 2018) EU/UK Possible Framework for the Future Partnership Discussions​ - Internal EU27 slides for discussions on framework for future relationship
• (23 March 2018) European Council (Art. 50) Guidelines on negotiations for framework of future relationship
• (15 March 2018) Draft Withdrawal Agreement sent to UK authorities for negotiation
• (7 March 2018) European Council President delivers statement on draft guidelines for future relationship
• (7 March 2018) European Parliament - Draft resolution to wind up the debate on the framework of the future EU-UK relationship
• (28 February 2018) Draft Withdrawal Agreement
• (7 February 2018) Position paper on transitional arrangements in the withdrawal agreement - translates into legal terms the principles laid down in the European Council Guidelines of 29 April and 15 December 2017 and in the supplementary negotiating directives annexed the Council Decision of 29 January 2018
• (31 January 2018) Level Playing Field - an introduction - Internal EU27 slides for discussions on framework for future relationship
• (29 January 2018) Supplementary directives on transition period | Statements
• (15 December 2017) European Council (Art. 50) guidelines for the second phase of the Brexit negotiations
• (15 December 2017) Slide presented by Michel Barnier, European Commission Chief Negotiator, to the Heads of State and Government at the European Council (Article 50)
• (8 December 2017) Statement from European Council President, Donald Tusk, on draft guidelines for the second phase of the Brexit negotiations

UK

Explanatory materials on Withdrawal Agreement and Political Declaration

• EU Exit: Legal position on the Withdrawal Agreement​
  
• Attorney General's legal advice to Cabinet on the Withdrawal Agreement and Protocol on Ireland/Northern Ireland​
• Attorney General's legal opinion on the Joint Instrument and Unilateral Declaration
• Explainer for the agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union 
  
• Explainer for the Political Declaration setting out the framework for the future relationship between the United Kingdom and the European Union
• Technical explanatory note: North-South cooperation mapping exercise
• Technical explanatory note: Articles 6-8 on the Northern Ireland Protocol​​
• Explanatory slides on the Withdrawal Agreement and outline political declaration on our future relationship with the EU​
  
• Memoranda of Understanding between the UK and Spain on Gibraltar​

Official publications

• (​19 December 2019) Queen's Speech December 2019​ | Policy Paper: Background briefing notes
• (28 October 2019) PM letter confirming UK's agreement to Article 50 extension​
• (19 October 2019) Letters from the UK to the EU Council​ requesting a further Article 50 extension | Letter from the Prime Minister to President Donald Tusk​ 
• (18 October 2019) Explainer for the new Ireland/Northern Ireland Protocol and the Political Declaration on the Future Relationship
• (14 October 2019) Queen's Speech 2019​ | Policy Paper: Background briefing notes​ | ​Policy Paper: What it means for you
• (8 October 2019) HM Government: No-deal Readiness Report | Press release
• (3 October 2019) PM's Commons statement on Brexit negotiations​
• (2 October 2019) Explanatory Note - UK proposals for an amended Protocol on Ireland/Northern Ireland​ (legal text yet to be published) | PM letter to European Commission President Juncker​ | Webpage​
• (27 June 2019) Updated DExEU departmental plan (3rd version) | Webpage (previous versions)
  
• (26 June 2019) Press release on establishment of business and trade union advisory group on alternative arrangements to the backstop
  
• (20 June 2019) Press release on establishment of technical advisory group on alternative arrangements to the backstop
• (24 May 2019) PM's resignation statement
• (22 May 2019) PM statement in the HoC on the revised Brexit deal​​
• (21 May 2019) PM speech on revised Brexit deal setting out ten commitments to be to be included in forthcoming Withdrawal Agreement Bill
• (14 May 2019) Secretary of State for Exiting the EU letter regarding the Withdrawal Agreement​ (in response to John Redwood MP’s open letter to the Attorney General)
• (12 April 2019) Declaration suspending accession to the Hague Convention on Choice of Court Agreements​ until 1 November 2019 
• (11 April 2019) PM statement at the European Council​ on the agreed extension | PM statement to the HoC​
• (5 April 2019) PM letter to European Council President Tusk on further Article 50 extension​
• (29 March 2019) Declaration suspending accession to the Hague Convention on Choice of Court Agreements​​ until 13 April or 23 May 2019 | Hague Convention of 30 June 2005 on Choice of Court Agreements
• (29 March 2019) Hague Conference on Private International Law Notice​ that the UK’s accession to the 2005 Hague Convention on Choice of Court Agreements is suspended until 13 April 2019 or 23 May 2019 due to the delay to Brexit.​​​
• (25 March 2019) Supplemental note to 14 March paper on extension parameters: Legislating for the extension of Article 50​
  
• (25 March 2019) PM statement to HoC on European Council
• (22 March 2019) Letter confirming UK Government's agreement to Article 50 extension​
  
• (20 March 2019) PM letter to European Council President Tusk on Article 50 extension
• (14 March 2019) UK Government paper on parameters of extending Article 50​
  
• (13 March 2019) PM's statement in the HoC on vote against no-deal​
• (12 March 2019) Attorney General's legal opinion on the Joint Instrument and Unilateral Declaration​
  
• (11 March 2019) Materials on the Joint Statement and Instrument relating to the Withdrawal Agreement​, which were also laid before Parliament on 12 March 2019:​ 
  
  • ​​Unilateral Declaration by HM Government concerning the Northern Ireland Protocol​
  • Statement that political agreement has been reached​​
    
• (11 March 2019) PM's press statement in Strasbourg on the Joint Statement and Instrument
  
• (11 March 2019) Statement in the HoC by David Lidington, Chancellor of the Duchy of Lancaster​ on the Joint Statement and Instrument
• (8 March 2019) PM speech in Grimsby​
• (26 February 2019) PM statement to the House of Commons on 'meaningful vote' due to be held on Tuesday 12 March
• (12 February 2019) PM statement to the House of Commons on progress of ​backstop negotiations and parliamentary votes at the end of February
• (29 January 2019) PM statement to the House of Commons​ on seeking changes to the backstop
• (16 January 2019) PM's statements on winning the vote of confidence delivered in the House of Commons and at Downing Street
• (16 January 2019) UK Parliament press release: Government loses 'meaningful vote' in the Commons ​​
• (14 January 2019) PM's statement in the House of Commons on the Brexit deal
• (20 December 2018) EEA EFTA Separation Agreement and Explainer​
  
• (20 December 2018) Swiss Citizens’ Rights Agreement and Explainer​​
• (17 December 2018) PM's statement on the European Council
  
• (14 December 2018) PM's press statement at European Council​​
• (10 December 2018) PM's statement on exiting the European Union​​
• (28 November 2018) Bank of England: EU withdrawal scenarios and monetary and financial stability: A response to the House of Commons Treasury Committee
• (28 November 2018) HM Government paper: EU Exit - Long-term economic analysis​
• (26 November 2018) PM's statement on the Special European Council​
• (26 November 2018) HM Government statement that political agreement has been reached​ published alongside the laying of the Withdrawal Agreement and Political Declaration before Parliament​
• (25 November 2018) PM's EU Council press statement​
  
• (25 November 2018) Letters from the UK’s Permanent Representative to the EU to the Secretary General of the Council and the Secretary General of the Commission on UK sovereignty over Gibraltar​
• (24 November 2018) PM's letter to the nation
• (22 November 2018) PM statement to the House of Commons on EU negotiations​​
• (22 November 2018) PM statement in Downing Street​ following publication of draft Political Declaration​
• (19 November 2018) PM speech to CBI​
  
• (15 November 2018) PM's statement to House of Commons on Brexit negotiations​
• (14 November 2018) PM's statement following Cabinet meeting | Explainer for the Withdrawal Agreement | Technical explanatory note on Articles 6-8 of the Protocol on Northern Ireland
• (22 October 2018) PM's statement on European Council​
• (15 October 2018) ​Prime Minister's Brexit ​negotiations statement​​​
• (9 October 2018) Secretary of State for Exiting the European Union's statement on negotiations​
• (21 September 2018) Prime Minister's Brexit negotiations statement​
• (12 July 2018) White paper - The future relationship between the United Kingdom and the European Union​ | Oral statement by the Secretary of State for Exiting the European Union to Parliament
• (6 July 2018) Government statement following Cabinet away day at Chequers​
• (2 July 2018) PM Commons statement on June European Council
• (21 June 2018) Home Office - EU Settlement Scheme: Statement of Intent
• (26 March 2018) PM Commons statement on European Council
• (7 March 2018) Chancellor's speech on financial services
• (6 March 2018) Technical note: other separation issues - phase 2
• (2 March 2018) PM's speech on the UK's future economic partnership with the EU
• (27 February 2018) Speech: Britain’s Trading Future
• (21 February 2018) Draft text for discussion: implementation period
• (20 February 2018) Speech: Foundations of the Future Economic Partnership
• (17 February 2018) Speech: PM at Munich Security Conference
• (8 February 2018) Technical note on international agreements during implementation period
• (26 January 2018) Letter from UK Government to business leads on implementation period

Position papers and technical notes

Phase one negotiations (June – December 2017)

(28 February 2018) European Commission - Draft Withdrawal Agreement

(8 December 2017) Joint report from the negotiators of the EU and the UK Government on phase one negotiations progress

(8 December 2017) Joint technical note expressing the detailed consensus on citizens’ rights

(15 December 2017) European Council (Art. 50) guidelines for Brexit negotiations

Position papers and technical notes

European Union (Withdrawal Agreement) Act | European Union (Withdrawal) Acts | Secondary legislation | Other UK legislation relating to Brexit | Retained EU legislation sources

European Union (Withdrawal Agreement) Act 2020

• European Union (Withdrawal Agreement) Act 2020​ - ​an Act to implement, and make other provision in connection with, the Withdrawal Agreement
• Legislation Tracker​​ - access to documents from passage through Parliament

European Union (Withdrawal) Acts

European Union (Withdrawal) (No. 2) Act 2019

• European Union (Withdrawal) (No. 2) Act 2019​ - an Act to make further provisions relating to the UK's withdrawal from the EU, including duties relating to an Article 50 extension, an agreement or no-deal (also known as the Benn-Burt Act)
• (4 September 2019) House of Commons Library Insight​

European Union (Withdrawal) Act 2019

• European Union (Withdrawal) Act 2019​ - an Act to make provisions for extending the period defined under Article 50 (also known as the Cooper-Letwin Bill)

European Union (Withdrawal) Act 2018

• European Union (Withdrawal) Act 2018 - an Act to repeal the European Communities Act 1972 and make other provision in connection with the UK's withdrawal from the EU
• Explanatory Notes
• Legislation Tracker - access to documents from passage through Parliament
• (13 December 2017) Written statement (HCWS342) made by David Davis, Secretary of State for Exiting the EU, on procedures for the approval and implementation of EU exit agreements
• (12 December 2017) Economic Secretary to the Treasury letter to Treasury Select Committee on financial services EU exit - roles and responsibilities of HMT and UK regulators

Secondary legislation

The European Union (Withdrawal) Act 2018, as amended by the European Union (Withdrawal Agreement) Act 2020, provides for domestication of most EU law at the end of the transition period (11.00 p.m. on 31 December 2020). The EUWA also grants powers to the UK government to correct deficiencies in this "retained EU law" arising from the UK's withdrawal from the EU, including in connection with the end of the transition period or other effects of the Withdrawal Agreement. This is to ensure that the UK has a functioning statute book at the end of the transition period.
 
The UK government has published various statutory instruments in exercise of these powers, which were originally granted in the context of the UK's contingency planning for a 'no deal' Brexit. The UK government is expected to publish further statutory instruments during the course of 2020. 

Secondary legislation is available, according to its status, on the websites below:

• Legislation.gov.uk
• EU Withdrawal Act 2018 statutory instruments - list of proposed negative statutory instruments (SIs) under the EU (Withdrawal) Act 2018. Before the SIs are formally laid in Parliament, they have to go through a sifting process
• HM Treasury draft financial services legislation under the EU (Withdrawal) Act 2018

Comments on secondary legislation

• (18 December 2018) BEIS letter on EU Exit energy legislation: proposed statutory instruments​
• (27 June 2018) HM Treasury’s approach to financial services legislation under the European Union (Withdrawal) Act
• (27 June 2018) UK Regulators publish statements following HMT's announcement:
  • Bank of England’s approach to financial services legislation under the European Union (Withdrawal) Act
  • The FCA’s role in preparing for Brexit
  • PSR’s approach to financial services legislation under the European Union (Withdrawal) Act

Clifford Chance briefings

• (30 July 2018) Implementing Brexit in the UK: The EU (Withdrawal Agreement) Bill
• (6 July 2018) Onshoring EU financial services legislation under the European Union (Withdrawal) Act 2018
• (2 July 2018) The European Union (Withdrawal) Act 2018: What it does, why and how
• (30 May 2018) The European Union (Withdrawal) Bill in the House of Lords
• (October 2017) The EU (Withdrawal) Bill in October - Amendments and Delays
• (September 2017) Amendments to the European Union (Withdrawal) Bill - Key Trends
• (July 2017) Brexit: European Union (Withdrawal) Bill and the Devolution Dimension
• (July 2017) Brexit: European Union (Withdrawal) Bill Published
• (July 2017) The Repeal Bill - what to watch out for
• (March 2017) Brexit: What will the Great Repeal Bill do?

Other UK legislation relating to Brexit

• ​European Union (Notification of Withdrawal) Act 2017​ - sets out the power to notify withdrawal from the EU

​The following primary and draft legislation is aimed at replicating or replacing common EU arrangements in relevant policy areas.

Primary Legislation​

• Nuclear Safeguards Act 2018
  
  • Commons Library analysis of the Nuclear Safeguards Bill 2017-19
• Sanctions and Anti-Money Laundering Act 2018
  • Commons Library: The Sanctions and Anti-Money Laundering Bill 2017-19 
  • (31 January 2020) FCO, UK sanctions regimes under the Sanctions Act
• Taxation (Cross-border Trade) Act 2018
  • Bill documents
    
• Haulage Permits and Trailer Registration Act 2018
• Healthcare (EEA and Switzerland Arrangements) Act 2019
  
• Direct Payments to Farmers (Legislative Continuity) Act 2020
  

Draft Legislation

Current Parliament

• Trade Bill 2019-21​ - introduced 19 March 2020
• Private International Law (Implementation of Agreements) Bill 2019-21​ - introduced 27 February 2020
• Medicines and Medical Devices Bill 2019-21​ - introduced 13 February 2020
• Environment Bill 2019-21​ - introduced 30 January 2020
• Fisheries Bill 2019-21​ - introduced 29 January 2020 
• Agriculture Bill 2019-21​ - introduced 16 January 2020 
• Extradition (Provisional Arrest) Bill 2019-21​ - introduced 7 January 2020
  

Other Brexit-related legislation mentioned in the Queen's Speech in December 2019​ and not yet introduced:

• Financial Services Bill, which is intended to reform the process for marketing non-UK investment funds into the UK and to implement Basel standards
• Immigration and Social Security Co-ordination (EU Withdrawal) Bill, with the purpose of ending free movement and introducing a new points-based immigration system from 2021

2017-19 Parliament

The following Bills were introduced but failed to complete their passage through Parliament before prorogation in October 2019:

• Financial Services (Implementation of Legislation) Bill​ - also known as the 'in-flight files Bill', this Bill was not reintroduced following its failure to complete its passage through Parliament before the end of the 2017-19 session. On 23 October 2019, the Financial Markets Law Committee (FMLC) published a letter to HM Treasury​ calling for the Bill's resuscitation. See also: (8 February 2019) HoC Library Research Briefing - Financial Services (Implementation of Legislation) Bill 2017-19
• Trade Bill
• ​​Immigration and Social Security Co-ordination (EU Withdrawal) Bill​ 
• Fisheries Bill 
• Agriculture Bill 
• Animal Welfare (Sentencing) Bill​

A draft Environmental Principles and Governance Bill​ was also published but not formally introduced.

Retained EU legislation sources

The UK's National Archive has launched its EU Exit Web Archive. This is one of two services aimed at fulfilling the duty placed on the Queen's Printer under Schedule 5 to the EU(W)A to publish relevant EU legislation. More information on these are detailed below.

EU Guidance | UK Guidance | Guidance by subject matter

EU

• European Commission preparedness website​
  • ​Preparedness notices | Readiness notices (updated preparedness notices)​
    
  • Legislative initiatives and other legal acts
    
  • Factsheets and Q&As​
  • Other preparedness activities
  • National Brexit information in Member States
    
  • Citizens' Rights​
    
• Commission communications - non-binding statements to EU institutions
  
  • (4 September 2019) Communication on finalising preparations for the withdrawal of the UK from the EU on 1 November 2019 (COM(2019)394)​ | Preparedness checklist for companies doing business in the EU and/or UK​ | Timeline for key EU contingency measures​ ​| Press release​
    
  • (12 June 2019) Communcation on the state of play (COM(2019)276)​ | Annex 1 - list of legislative preparedness and contingency acts​ | Annex 2 - list of stakeholders notices per topic​
    
  • (10 April 2019) Communication on a co-ordinated approach (COM(2019)195) | Annex 1: Timeline for key EU contingency measures | Annex 2: Citizens' residence and social security entitlements | Annex 3: Police and judicial cooperation in criminal matters  | Annex 4: Medicinal products and medical devices | Annex 5: Fishing activities | Annex 6: Data protection
    
  • (19 December 2018) Communcation on implementing the Contingency Action Plan (COM(2018)890) ​| Q&A on the consequences of no-deal Brexit​​
    
  • (13 November 2018) Communication on a Contingency Action Plan (COM(2018)880)​ | Annexes​
    
  • (19 July 2018) Communcation on increasing preparations for Brexit (COM(2018)556)​ | Annex | Factsheet ​
    

UK​

• UK Government Brexit webpages​ | Guidance and regulation​ - searchable list of all Brexit items published by the UK Government
  
  • (8 October 2019) HM Government: No-deal Readiness Report  - financial services discussed at p. 71-74 | Press release​
    
  • ​(21 December 2018) UK Government's preparations for a no-deal scenario​ - notice outlining the Government's overall approach
    
• ​How to prepare if the UK leaves the EU with no deal ​- gov.uk collection of technical notices
• Find Brexit guidance for your business ​- gov.uk searchable collection of information
  
• Prepare your business or organisation for Brexit ​- gov.uk online tool/questionnaire to find guidance relevant to particular sectors and activities​
  
• Get ready for Brexit: check what you need to do​ - gov.uk online tool/questionnaire
  

• Bank of England - Regulatory framework in a no-deal scenario webpage
• Financial Conduct Authority (FCA)​ - Brexit resources webpage directed at firms and consumers
• Information Commissioner's Office (ICO)​ - data protection guidance and resources for organisations after Brexit
  

Guidance by subject matter
​

* Documents may have been updated; dates refer to when first published 

EU

European Banking Authority (EBA)

• (8 October 2019) Communication of the EBA on the UK withdrawal from the EU​ | Press release​​
• (1 March 2019) Opinion on deposit protection issues stemming from the withdrawal of the UK from the EU
• (17 December 2018) Press release calling for more action by financial institutions in their Brexit-related communication to customers​​
• (25 June 2018) Opinion on preparations for the withdrawal of the United Kingdom from the European Union
• (12 October 2017) Opinion on issues related to the departure of the United Kingdom from the European Union | press release
• (14 July 2017) Draft technical standards on authorisation of credit institutions | press release - intended to support the consistent, efficient and rigorous assessment of any applications for authorisation submitted by entities seeking to relocate in the context of Brexit

European Insurance and Occupational Pensions Authority (EIOPA)

• (02 April 2019) Risks and V​ulnerabilities in the EU Financial System​​ | Press release​
• (19 February 2019) Recommendations for the insurance sector in light of the UK withdrawing from the EU
• (28 June 2018) Opinion on disclosure of information to customers about the impact of the withdrawal of the UK from the EU
• (21 December 2017) Opinion on service continuity in insurance in light of the withdrawal of the United Kingdom from the European Union
• (11 July 2017) Principles on supervisory approach to relocations of undertakings from UK

European Securities and Markets Authority (ESMA)

• (31 January 2020) ESMA Statement - Update on governance and reporting obligations​ following the UK's withdrawal from the EU
• (30 October 2019) ESMA Statement - Update on Brexit preparations​ following extension of Article 50 period
• (7 October 2019) ESMA Statement - Update on the UK's withdrawal from the European Union - preparations for a possible no-deal Brexit scenario on 31 October 2019​ | Press release​
• (28 March 2019) ESMA Statement - Update on the UK's withdrawal from the European Union - preparations for a possible no-deal Brexit scenario on 12 April | Press release​
• (1 March 2019) Announcement that the UK CSD (Euroclear UK and Ireland Limited) will be recognised as a third country CSD to provide services in the EU in the event of a no-deal Brexit
• (18 February 2019) Announcement that three UK CCPs (LCH Limited, ICE Clear Europe Limited and LME Clear Limited) will be recognised to provide services in the EU in the event of a no-deal Brexit​​​
• (4 February 2019) ESMA and BoE agree no deal memoranda of understanding on UK CCPs and CSD | ESMA press release​ | BoE press release​
• (1 February 2019) ESMA statement​ and FCA statement ​on:
  • MoU between ESMA and FCA on the exchange of information relating to the supervision of credit rating agencies and trade repositories; and
    
  • MoU between EU/EEA securities regulators and FCA covering supervisory cooperation, enforcement and information exchange between individual regulators and FCA
• (19 December 2018) Public statement on readiness to review UK CCPs’ and CSDs’ recognition applications for a no deal Brexit scenario
• (19 December 2018) Public statement: reminder to firms on their MiFID obligations on disclosure of information to clients in the context of the UK withdrawing from the EU​
• (23 November 2018) Public statement on managing risks of a no-deal Brexit in the area of central clearing​
• (9 November 2018​) Public statement on contingency plans of credit rating agencies and trade repositories in the context of the United Kingdom withdrawing from the European Union
• (3 October 2018) ESMA Chair's speech at WFE Annual Meeting 2018 in Athens on MiFID2 and Brexit preparations​
• (12 July 2018​) Public st​atement on t​imely submission of requests for authorisation in the context of the United Kingdom withdrawing from the European Union
• (13 July 2017) Sector specific opinions on relocations from UK to EU27:
  • Investment management
  • Investment firms
  • Secondary markets
• (31 May 2017) Opinion to support supervisory convergence on financial market participant relocations to EU27 | press release

European Central Bank (ECB)

• (13 November 2019) ECB newsletter article - Brexit: operational risk increases when banks delay action​
• (14 August 2019) ECB newsletter article - Brexit: stepping up preparations​
• (16 May 2018) ECB article on impact of potential transition on incoming banks 
• (14 February 2018) ECB publishes a newsletter on Brexit: Booking models and "empty shells", which sets out details of five key areas that the ECB and national supervisors will focus on when assessing booking model practices
• (December 2017) ECB publishes notes of September 2017 ECB Legal Conference 'Shaping a new legal order for Europe: a tale of crises and opportunities' which includes sessions from Panel 3: Brexit - looking inwards and Panel 4: Brexit - looking outwards
• (15 November 2017) ECB raises concerns over banks' relocation plans in an article entitled Brexit: an ECB supervision perspective in the autumn edition of its Supervision Newsletter
• (12 April 2017) ECB launches relocating to the euro area page including FAQs on the relocation of banks to the euro area in the context of Brexit

Speeches and interviews

• (20 November 2017) The European banking sector - the big challenges - Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, on Brexit relocation planning including comments on booking models, 'dual-hatting' and use of non-EU branches
• (16 August 2017) Preparing for Brexit: "The clock is ticking" - Q&A with Sabine Lautenschläger on developments in preparatory work of banks and supervision in light of the UK leaving the EU
• (4 July 2017) Interview with the Financial Times – Remarks by Sabine Lautenschläger
• (4 May 2017) Some supervisory expectations for banks relocating to the euro area - Remarks by Sabine Lautenschläger at the technical workshop for banks considering relocation in the context of Brexit in Frankfurt.
• (2 March 2017) The European banking sector – growing together and growing apart - Speech by Sabine Lautenschläger at the LSE German Symposium.

Single Resolution Board (SRB)

• (15 November 2018) Position paper: Expe​ctations to ensure resolvability of banks in the context of Brexit

European Commission

• (13 March 2020) Letter from Valdis Dombrovskis, European Commissioner for Financial Stability, Financial Services and Capital Markets Union (CMU), to Rishi Sunak, UK Chancellor of the Exchequer, replying to the Chancellor's letter dated 27 February 2020 on equivalence assessments​
• (​​29 July 2019) Commission communication on equivalence in the area of financial services | Webpage​ | Press release
• (25 March 2019) Statement: Technical adjustments to financial services contingency measures​ to reflect the Decision of the European Council of 22 March to extend the period under Article 50​
• Commission Implementing Decision (EU) 2018/2030 of 19 December 2018 determining, for a limited period of time, that the regulatory framework applicable to central securities depositories of the United Kingdom of Great Britain and Northern Ireland is equivalent in accordance with Regulation (EU) No 909/2014 of the European Parliament and of the Council​
  
• Commission Implementing Decision (EU) 2018/2031 of 19 December 2018 determining, for a limited period of time, that the regulatory framework applicable to central counterparties in the United Kingdom of Great Britain and Northern Ireland is equivalent, in accordance with Regulation (EU) No 648/2012 of the European Parliament and of the Council
• (24 April 2018) Speech by Valdis Dombrovskis, European Commission Vice-President, on equivalence as a potential solution for the UK after Brexit
• (8 February 2018) European Commission publishes notices addressed to stakeholders on legal and practical implications of the UK withdrawing from the EU without a transitional period, under which scenario all EU primary and secondary law would cease to apply to the UK from the withdrawal date relating to financial services:
  • Asset management
  • Banking and payment services
  • Credit rating agencies
  • Insurance and reinsurance
  • Markets in financial instruments
  • Post-trade financial services

European Parliament

The European Parliament adopted a resolution on relationships between the EU and third countries concerning financial services regulation and supervision following an ECON Committee own-initiative procedure (the Hayes Report).

• (11 September 2018) Resolution
  
• (30 August 2018) Final report
  
• (4 April 2018) Draft report on relationships between the EU and third countries concerning financial services regulation and supervision

UK

HM Government

• (27 February 2020) Letter from Rishi Sunak, Chancellor of the Exchequer, to Valdis Dombrovskis, European Commissioner for Financial Stability, Financial Services and Capital Markets Union (CMU), on the UK's preparations for assessments of financial services equivalence | Webpage​
• (27 January 2020) Letter from John Glen to the House of Lords EU Committee on equivalence in financial services​
• (31 October 2019) Letter from John Glen to the House of Commons confirming the Government's position on equivalence in financial services post-Brexit​
• (8 October 2019) HM Government: No-deal Readiness Report - financial services discussed at p. 71-74 | Press release ​
• (25 January 2019) Joint Statement on Signing the Agreement between the United Kingdom and the Swiss Confederation on direct insurance other than life assurance | Press release
• (8 October 2018) HMT publishes paper on proposed temporary transitional power for UK regulators 
• (7 March 2018) Chancellor's speech on financial services
• (20 December 2017) Chancellor of the Exchequer's written statement to House of Commons on Brexit and financial services
• (14 November 2017) David Davis delivers speech in City of London on the Government's approach to the Brexit negotiations and its aim to help ensure the City maintains its position as the world's leading financial centre in a way that benefits both the UK and the EU.

UK Parliament

• (25 January 2019) Treasury Committee launches inquiry into the future of the UK's financial services

Bank of England (BoE)

• (24 March 2020) Checklist of actions to avoid disruption to end-users of financial services at the end of the transition period​ ​| Webpage​​ for Financial Policy Summary and Record of the FPC's ​March meeting
• (17 October 2019) Memorandum of understanding (MoU) between HMT, BoE, PRA and FCA on equivalence and exemptions 
• (9 October 2019) Financial Policy Summary and Record of the Financial Policy Committee (FPC) Meeting on 2 October 2019​ - covers, among other things, the resilience of the UK financial system to Brexit
• (18 April 2019) BoE and PRA publish joint policy statement (PS5/19)​ setting out final versions of policy materials on approach to financial services legislation under the EUWA (excluding transitional directions and guidance materials)
• (28 February 2019) BoE and PRA publish package of materials ​on approach to financial services legislation under the EUWA:
  • Policy Statement: The BoE's amendments to financial services legislation under the EUWA (PS5/19)
    
  • ​Webpage: Transitioning to post-exit rules and standards​
• (4 February 2019) ESMA and BoE agree no deal memoranda of understanding on UK CCPs and CSD | ESMA press release​ | BoE press release​
• (7 January 2019) Note on the application of the Senior Managers and Certification Regime (SM&CR) to firms in the temporary permissions regime: clarification of the PRA’s and FCA’s proposals​ | Temporary permissions regime webpage​
• (20 December 2018) UK withdrawal from the EU: Further changes to PRA Rulebook and Binding Technical Standards and Resolution Binding Technical Standards​
• (19 December 2018) BoE statement on equivalence of the future UK legal and supervisory framework for CCPs and CSDs​​
• Information for firms on the temporary permissions regime (TPR)
• (25 October 2018) BoE CP - Fees for non-UK CCP applications for recognition 2018/19
  
• (25 October 2018) Dear CEO letter to all authorised and regulated firms and passporting EEA firms​ | Dear CEO letter to central securities depositories (CSDs)​ | Dear CEO letter to central counterparties (CCPs)
• (25 October 2018) Consultation papers on UK withdrawal from EU:
  
  • BoE CP and PRA CP25/18 - The Bank of England’s approach to amending financial services legislation under the European Union (Withdrawal) Act 2018 
  • PRA CP26/18 - Changes to PRA Rulebook and onshored Binding Technical Standards
    
  • BoE CP - The Bank of England’s approach to resolution statements of policy and onshored Binding Technical Standards
  • BoE CP - Changes to FMI rules and onshored Binding Technical Standards
• (25 July 2018) Statement on HMT's proposed temporary permissions and recognition regime
• (28 March 2018) PRA publishes policy statements on authorisation and supervision of international banks (PS3/18) and international insurers (PS4/18) and accompanying supervisory statements for international banks (SS1/18) and international insurers (SS2/18) | Sam Woods, PRA, Dear CEO letter on firms' preparations for Brexit – update following March 2018 European Council | Sir Jon Cunliffe, Deputy Governor Financial Stability, Dear CEO letter to CCPs | Press release
• (20 December 2017) PRA consults on authorisation and supervision of international banks (CP29/17) and international insurers (CP30/17) | Sam Woods, PRA, Dear CEO letter to banks, insurers and designated investment firms on planning assumptions for firms' preparations for Brexit | Sir Jon Cunliffe, Deputy Governor Financial Stability, Dear CEO letter to non-UK CCPs on UK recognition regime for CCPs post-EU withdrawal to be modelled on Article 25 EMIR | Press release
• (4 October 2017) Speech by Sam Woods, PRA, on Geofinance delivered at Mansion House City Banquet
• (7 April 2017) Dear CEO letter - Contingency planning for the UK’s withdrawal from the European Union
  • Correspondence between PRA CEO Sam Woods and Chair of the House of Commons Treasury Committee Nicky Morgan MP on responses to Dear CEO letter
    • (24 July 2017) Nicky Morgan MP letter to Sam Woods
    • (2 August 2017) Reply from Sam Woods to Nicky Morgan on preliminary findings

Financial Conduct Authority (FCA)

• (31 January 2020) Considerations for UK firms after the implementation period​
• (31 January 2020) Brexit update​ - new instruments and other updates in connection with the transition period
• (30 January 2020) Information for firms during the Brexit implementation period​​
• (20 December 2019) What an implementation period would mean​​
• (30 October 2019) FCA statement confirming extension of the TPR deadline to 30 January 2020​
• (29 October 2019) Speech by Nausicaa Delfas, Executive Director of International - The future of financial services regulation in the UK
• (11 October 2019) FCA sets out latest expectations for firms on Brexit​ - includes information on MiFID transaction reporting and EMIR reporting
• (7 October 2019) Update to the Supervisory Statement on the Operation of the MiFID Transparency Regime post-Brexit
• (26 September 2019) FCA updates draft directions under Temporary Transitional Power (TTP): draft Transitional Direction | Draft Annex A | Draft Annex B | Draft Prudential Transitional Direction | Updated Explanatory Note | Press release
• (24 May 2019) Press release: FCA confirms extension of the Temporary Permission Regime deadline to ​30 October 2019​
• (29 March 2019)  Recovering the costs of regulating credit rating agencies, trade repositories and securitisation repositories after the UK leaves the European Union

  ​​

• (29 March 2019) FCA publishes final no-deal Handbook instruments, EU Exit instruments, guidance and directions | Handbook instruments webpage | Press release: ​Brexit: the FCA confirms final rules for firms​
• (4 March 2019) Statements of policy on the operation of the MiFIR transparency regime in the event of a no-deal Brexit
• (28 February 2019) FCA publishes Brexit Policy Statement (PS19/5)​ | Press release​
• (27 February 2019) FCA releases updated guidance on EU departure preparations for UK firms:
  • Banking and payments
  • Life insurance, pensions and retirement income
  • General insurance
  • Retail investment
  • Wholesale banks, markets and asset manager
• (26 February 2019) Brexit: information for participants in the wholesale markets operating in the UK (including wholesale banks, wholesale markets and asset managers)​​
• (25 February 2019) Joint statement by UK and US authorities on continuity of derivatives trading and clearing post-Brexit​​
• (22 February 2019) FCA statement on onshoring ESMA’s temporary intervention measures on retail CFD and binary options products​​
• (1 February 2019) Statement on what firms and other regulated entities need to begin preparing to comply with Brexit-related changes to their UK regulatory obligations​​ | Press release​
• (7 January 2019) FCA opens the notification window for the temporary permissions regime | Guide to the notification process for firms | Guide to the notification process for investment funds | Temporary permissions regime webpage​
• (23 November 2018) Second consultation on proposed changes to the Handbook and Binding Technical Standards (CP18/36)​
• (10 October 2018) First consultation on proposed changes to the Handbook and Binding Technical Standards (CP18/28)
• (10 October 2018) Consultation on Temporary permissions regime for inbound firms and funds (CP18/29)
  
• (8 August 2018) Dear CEO letter on cross-border booking arrangements
• (25 July 2018) Statement​ on HMT's proposed temporary permissions and recognition regime
• (24 April 2018) Speech by Andrew Bailey, Chief Executive of the FCA – Brexit: what does it mean for financial markets to be open?
• (28 March 2018) FCA statement on EU withdrawal following the March European Council | Speech by Andrew Bailey, Chief Executive of the FCA, at the All Party Parliamentary Group on Wholesale Financial Services Annual Dinner
• (9 March 2018) Survey for EEA inbound passported firms
• (20 December 2017) FCA statement on EU withdrawal
• (8 November 2016) Letter from the Chief Executive of the Financial Conduct Authority (FCA), Andrew Bailey, setting out further details on questions relating to passporting and equivalence raised by the Committee at a hearing on 20 July 2016
• (20 September 2016) House of Commons Treasury Select Committee publishes letter from Chief Executive of the Financial Conduct Authority on the number of UK authorised firms that currently hold single market passports | Press release

Financial Markets Law Committee (FMLC)

• (12 July 2018) Letter to DExEU on issues of legal uncertainty arising for insurance business
• (12 July 2018) Issues of legal uncertainty arising in the context of the establishment of an EU insurer in another Member State

Other EU jurisdictions

France

French Government

• (23 October 2018) ​Se préparer à la sortie du Royaume-Uni de l’Union européenne​​ (in French only)

ACPR and AMF

• (1 October 2018) Speech​ by AMF Chair at AFME Annual European Compliance and Legal Conference, London
• (29 June 2018) ACPR publishes short opinion on the future of cross-border contracts
• (28 July 2017) AMF welcomes the three sectoral opinions published by ESMA on 13 July 2017 to support supervisory convergence in the areas of investment management, investment firms and secondary markets in the context of the UK withdrawing from the European Union | Press release
• (28 September 2016) AMF and ACPR launch simplified licensing procedures for UK-based institutions and agility programme

Haut Comité Juridique de la Place Financière de Paris 

• (15 October 2018) Brexit, activités bancaires et de services d'investissement​ (in French only)
• (12 September 2018) Impacts du Brexit en matière d'activités d'assurance​ (in French only)
• (6 August 2018) Executive summary of the Brexit reports submitted to the HCJP on the 6 July 2018
  
• (7 November 2017) Accessibilité du marché français par les établissements bancaires et financiers britanniques dans un environnement post-Brexit (in French only)
• (17 October 2017) Legal feasibility of developing an interest rate derivatives clearing service in Paris - Opinion and Appendices
• (3 May 2017) Recommendations for the creation of special tribunals for international business disputes
• (30 January 2017) Implications of Brexit on judicial cooperation in civil and commercial matters​

Germany

• (14 February 2019) Brexit - implications for UK branches of German banks​ - speech by P​rof Joachim Wuermeling, Member of the Executive Board of the Deutsche Bundesbank
• (16 February 2017) BaFin launches welcome page for foreign companies | FAQs on Brexit
• (18 January 2016) BaFin establishes special contact address and form for foreign financial services firms considering moving their registered office or operations to Germany | Press release

Ireland

• (3 October 2016) Central Bank Director of Policy delivers speech on supervisory mandate and approach to authorisation

Italy

• ​(3 October 2018) IVASS publishes letter ​to UK insurance undertakings operating in Italy on information for Italian policyholders on impact of Brexit 

Spain

• (12 December 2016) Actions of the CNMV in the context of Brexit

AFME

• 16 July 2019) Brexit: Remaining no-deal risks in financial services​ ​| Press release​
• (February 2018) How might wholesale financial services contracts be impacted by Brexit? AFME, in conjunction with Clifford Chance, sets out Frequently Asked Questions (FAQs) which are intended to assist clients of banks in understanding how their cross-border contractual relationships could be impacted by banks’ plans to adapt to Brexit. The FAQs are availbale on the AFME website in English, French, German, Italian and Spanish.

Clifford Chance briefings

• (16 July 2018) Britain's Brexit Blueprint: The UK Government publishes its future relationship white paper
• (6 July 2018) Onshoring EU financial services legislation under the European Union (Withdrawal) Act 2018
• (28 March 2018) Insurance Brexit Update: Transition, Temporary Permissions and Contract Continuity
• (19 February 2018) Next Steps: Notice on consequences of Brexit in (Re)Insurance Sector
• (16 February 2018) Brexit: implications for contract continuity and repapering
• (20 October 2017) Post-Brexit vision for insurance: Sam Woods, Mansion House speech on geofinance
• (20 July 2017) Brexit: ESMA signals tougher stance on UK asset manager relocation to the EU
• (8 June 2017) ESMA issues opinion on supervisory approach to Brexit-related relocations from the UK
• (8 August 2016) Brexit: Passporting and equivalence implications for the UK insurance sector

Wightman case - Revoking Article 50 - Scottish Court of Session referral to CJEU

• (10 December 2018) Secretary of State for Exiting the EU's statement to Parliament in response to the CJEU's ruling​
  
• (10 December 2018) Judgment | Press release
• (4 December 2018) Opinion and press release on Advocate General's opinion
• ​​CJEU case reference C-621/18 - Wightman and Others​
• (26 November 2018) Government's application for permission to appeal to the Supreme Court and grounds of appeal​​
• (16 November 2018) Permission to appeal application - Secretary of State for Exiting the European Union (Appellant) v Wightman and others (Respondents) [UKSC 2018/0209]​​
• (6 November 2018) UK Government (DExEU) policy paper: Wightman and Others v Secretary of State for Exiting the European Union​
• (21 September 218) Decision ​of the Inner House of the Court of Session (the Scottish equivalent of the Court of Appeal) referring the following question to the CJEU:

​​“Where, in accordance with Article 50 of the TEU, a Member State has notified the European Council of its intention to withdraw from the European Union, does EU law permit that notice to be revoked unilaterally by the notifying Member State; and, if so, subject to what conditions and with what effect relative to the Member State remaining within the EU.”

Miller/Cherry cases - Proroguing UK Parliament - UKSC

• (24 September 2019) R (Miller) v The Prime Minister; Cherry & Ors v Advocate General for Scotland [2019] UKSC​ 41 | Summary​ | Webpage for Miller​ (watch hearings and judgment summary) | Webpage for Cherry ​(watch hearings and judgment summary)
  
• Judgments on appeal:
  
  • (11 September 2019) R (Miller) v The Prime Minister [2019] EWHC 2381 (QB)
    
  • (11 September 2019) Cherry & Ors v Advocate General [2019] CSIH 49​

Clifford Chance briefings

• (25 September 2019) A prorogation that never was​
• (10 December 2018) Brexit update: European Court of Justice confirms Article 50 can be unilaterally revoked​

Implementing Brexit | Brexit insights for multinationals | Brexit and financial services | Brexit and trade | Additional insights | Reports in collaboration with Clifford Chance

Implementing Brexit

• (12 February 2020) EU and UK negotiating positions: room to compromise?​
• (30 January 2020) The European Parliament after Brexit
• (29 January 2020) The EU-UK future relationship: what happens after Brexit?​
• (28 January 2020) Brexit Delivered: the European Union (Withdrawal Agreement) Act 2020​
• (5 December 2019) The new European Commission 2019 - 2024​
• (29 November 2019) Brexit: next steps​
• (25 October 2019) Brexit and the role of the European Union (Withdrawal Agreement) Bill ​
• (22 October 2019) A new Brexit deal - what has changed and what happens next?​
• (25 September 2019) A prorogation that never was​
• (13 August 2019) The UK Parliament can (probably) block a no-deal Brexit​​
• (15 July 2019) Brexit - key questions answered​
• (9 May 2019) ​Brexit - where are we now?​
• (5 April 2019) Poland prepares for Brexit​ (see below for briefing on financial institutions)
• (29 March 2019) Brexit - UK Parliament rejects Withdrawal Agreement for third time. What happens next?​​
• (26 March 2019) Italy provides for post-Brexit temporary regime​
• (4 March 2019) Spain prepares for 'no-deal' Brexit​
• (14 February 2019) Czech 'Brexit Act' and financial services​
• (31 January 2019) Preparing for an imminent Brexit: potential disputes under commercial contracts​
• (30 January 2019) UK: Brexit - What happens to EU citizens if there is no deal?​
• ​(28 January 2019) Brexit Update - EU 'No Deal' contingency planning​​
• (22 January 2019) Brexit deal or no deal? - The Netherlands mitigates the risks with legislative measures
• (7 January 2019) Brexit and choice of courts: UK accedes to the Hague Convention​​
• (14 December 2018) Germany prepares for 'No deal Brexit' – Update
• (10 December 2018) Brexit update: European Court of Justice confirms Article 50 can be unilaterally revoked​
• (23 November 2018) The draft Political Declaration: The future for the UK and EU after Brexit​
• (23 November 2018) Germany prepares for 'No Deal' Brexit
• (15 November 2018) UK and EU agree Brexit deal - what does it mean, and what happens next?
• (30 July 2018) Implementing Brexit in the UK: The EU (Withdrawal Agreement) Bill
• (16 July 2018) Britain's Brexit Blueprint: The UK Government publishes its future relationship white paper
• (6 July 2018) Onshoring EU financial services legislation under the European Union (Withdrawal) Act 2018
• (4 July 2018) Crunch time? The EU takes stock of Brexit at the June European Council
• (2 July 2018) The European Union (Withdrawal) Act 2018: What it does, why and how
• (27 June 2018) UK: Immigration Update - Brexit - What are the next steps for EU nationals in the UK
• (30 May 2018) The European Union (Withdrawal) Bill in the House of Lords
• (23 March 2018) Brexit - what does the transition agreement mean?
• (23 February 2018) The UK's approach to Brexit transition
• (8 December 2017) Brexit: sufficient progress, but to where?
• (31 October 2017) The EU (Withdrawal) Bill in October - Amendments and Delays
• (26 October 2017) A Brexit transition period - wasting asset or business necessity?
• (2 October 2017) Brexit - what next for EU nationals in the UK - September 2017
• (29 September 2017) Amendments to the European Union (Withdrawal) Bill - Key Trends
• (11 September 2017) Brexit - Citizens' Rights, Dispute Resolution and the CJEU
• (23 August 2017) Brexit: The way forward for applicable law and civil jurisdiction and judgments?
• (21 July 2017) Brexit: European Union (Withdrawal) Bill and the Devolution Dimension 
• (14 July 2017) Brexit: European Union (Withdrawal) Bill Published
• (7 July 2017) The Repeal Bill - what to watch out for
• (23 June 2017) The future UK-EU Relationship – Re-examining the EEA and other options
• (15 June 2017) Brexit: Implications from the UK general election
• (29 March 20170 Brexit: The UK gives its article 50 withdrawal notice
• (20 March 2017) Brexit: What will the Great Repeal Bill do?
• (14 March 2017) Brexit: Legislation passed allowing the UK to give notice under Article 50
• (21 February 2017) Brexit: Will the UK have to pay to leave the EU? 
• (24 January 2017) Legislation required to trigger Brexit
• (1 December 2016) Brexit: Will the UK remain in the EEA despite leaving the EU?
• (1 December 2016) Brexit - The International Economic Implications: In Conversation with Stephen King, HSBC's Senior Economic Adviser
• (3 November 2016) Brexit: Parliamentary approval required for UK to leave the EU
• (26 October 2016) Brexit comment in the High Court moves the market
• (15 September 2016) Brexit: The constitutional endgame and the need to act now
• (24 August 2016) After Brexit
• (1 August 2016) The landscape after Brexit
• (28 June 2016) How to leave the EU: the key article 50 issues and UK constitutional questions
• (24 June 2016) The UK vote to leave the EU - immediate issues and implications  

Brexit insights for multinationals

• (31 October 2019) UK election law: How are businesses restricted during the 2019 general election campaign?​
• (16 October 2019) Market access and the Brexit legacy​
• (3 October 2019) Public Procurement, Brexit and Boris Johnson's 'buy British' pledge​
• (13 August 2019) The UK Parliament can (probably) block a no-deal Brexit​​
• (15 July 2019) Brexit - key questions answered​
• (9 May 2019) ​Brexit - where are we now?​
• (7 February 2019) Brexit-related immigration alerter - UK/The Netherlands​
• (31 January 2019) Preparing for an imminent Brexit: potential disputes under commercial contracts​
• (28 January 2019) Brexit Update - EU 'No Deal' contingency planning​​
• (15 November 2018) UK and EU agree Brexit deal - what does it mean, and what happens next?
• (15 November 2018) France getting ready for a ​'no deal' Brexit
• (16 July 2018) Britain's Brexit Blueprint: The UK Government publishes its future relationship white paper
• (27 June 2018) UK: Immigration Update - Brexit - What are the next steps for EU nationals in the UK
• (23 March 2018) Brexit - what does the transition agreement mean?
• (9 November 2017) Emissions trading: EU And UK seek to mitigate Brexit 'cliff edge'
• (31 October 2017) The EU (Withdrawal) Bill in October - Amendments and Delays
• (26 October 2017) A Brexit transition period - wasting asset or business necessity?
• (11 September 2017) Brexit - Citizens' Rights, Dispute Resolution and the CJEU
• (2 March 2017) The impact of Trump and Brexit on global trade, global businesses, and their supply chains
• (13 February 2017) The future of trade for the UK – a guide for businesses | Related videos
• (19 January 2017) The UK's negotiating objectives for exiting the EU
• (1 December 2016) Brexit - The International Economic Implications: In Conversation with Stephen King, HSBC's Senior Economic Adviser
• (25 November 2016) Brexit - Trade and Treaties
• (16 September 2016) Brexit: The way forward for multinationals
• (24 August 2016) Brexit: What does it mean for multinationals?

Brexit and financial services

• (22 October 2019) A new Brexit deal - what has changed and what happens next?​
• (30 September 2019) Brexit and Capital Markets - Considerations for a "no-deal" Brexit
• (13 August 2019) The UK Parliament can (probably) block a no-deal Brexit​​
• (15 July 2019) Brexit - key questions answered​
• (9 May 2019) ​Brexit - where are we now?​
• (3 April 2019) Poland prepares for no-deal Brexit
• (26 March 2019) Italy provides for post-Brexit temporary regime​
• (4 March 2019) Spain prepares for 'no-deal' Brexit​
• (21 February 2019) EIOPA recommendations offer some clarity for the Insurance sector in case of a Hard Brexit
• (14 February 2019) Czech 'Brexit Act' and financial services​
• (8 February 2019) The Netherlands / Brexit: exemption regulation extended to include UK investment firms​
• ​(28 January 2019) Brexit Update - EU 'No Deal' contingency planning​​
• ​(22 January 2019) Brexit deal or no deal? - The Netherlands mitigates the risks with legislative measures
• (16 January 2019) Brexit and Capital Markets: Considerations for a 'no deal' Brexit​
• (9 January 2019) Brexit: The UK Temporary Permissions Regime for the Marketing of EU27 Funds - Notification window open until 28 March 2019
• (7 January 2019) Brexit and choice of courts: UK accedes to the Hague Convention​​
• (18 December 2018) The UK Temporary Permissions Regime: How EU27 funds can continue to be marketed in the UK on a 'no-deal' Brexit
• (15 November 2018) France getting ready for a ​'no deal' Brexit
• (16 August 2018) Brexit, English law and the English courts: where are we now?​
• (16 July 2018) Britain's Brexit Blueprint: The UK Government publishes its future relationship white paper
• (6 July 2018) Onshoring EU financial services legislation under the European Union (Withdrawal) Act 2018
• (5 April 2018) Update: The PRA's regulatory approach to insurer's preparations for Brexit​
• (28 March 2018) Insurance Brexit Update: Transition, Temporary Permissions and Contract Continuity
• (23 March 2018) Brexit - what does the transition agreement mean?
• (19 February 2018) Brexit: The impact on wholesale financial services contracts​
• (19 February 2018) Next Steps: Notice on consequences of Brexit in (Re)Insurance Sector
• (16 February 2018) Brexit: implications for contract continuity and repapering
• (9 November 2017) Emissions trading: EU And UK seek to mitigate Brexit 'cliff edge'
• (20 October 2017) Post-Brexit vision for insurance: Sam Woods, Mansion House speech on geofinance
• (20 July 2017) Brexit: ESMA signals tougher stance on UK asset manager relocation to the EU
• (28 June 2017) Europe holds the cards on clearing yet both sides can profit
• (8 June 2017) ESMA issues opinion on supervisory approach to Brexit-related relocations from the UK
• (22 August 2016) The regulatory landscape of Brexit for CLOs: where to from here?
• (8 August 2016) Brexit: Passporting and equivalence implications for the UK insurance sector
• (27 July 2016) Brexit – Implications for loan documentation: keep calm and carry on
• (12 July 2016) Brexit – assessing the impact on asset managers
• (11 July 2016) Brexit: What next for the UK insurance sector?
• (10 July 2016) Brexit: Corporate Treasury Update
• (30 June 2016) The potential impact of Brexit on cross-border aircraft financings
• (June 2016) Corporate Treasury Update – Brexit: Practical Questions For Corporate Treasurers  
• (May 2016) Brexit issues for directors of private equity portfolio companies
• (March 2016) Brexit - Insurance Sector Analysis
• (March 2016) The UK referendum – challenges for Europe’s capital markets: a legal and regulatory assessment

Brexit and trade

• (29 January 2020) The EU-UK future relationship: what happens after Brexit? ​
  
• (5 December 2019) The new European Commission 2019 - 2024​
• (3 October 2019) Public Procurement, Brexit and Boris Johnson's 'buy British' pledge​
• (31 January 2019) Preparing for an imminent Brexit: potential disputes under commercial contracts​​
• (16 July 2018) Britain's Brexit Blueprint: The UK Government publishes its future relationship white paper
• (23 June 2017) The future UK-EU relationship: Re-examining the EEA and other options
• (12 June 2017) Brexit, Trump and Other Shocks to the System: In Conversation with Economist George Magnus
• (19 May 2017) What does the Singapore FTA decision mean for the EU's FTAs and Brexit?
• (2 March 2017) The impact of Trump and Brexit on global trade, global businesses, and their supply chains
• (13 February 2017) The future of trade for the UK – a guide for businesses | Related videos
• (1 December 2016) Brexit: Will the UK remain in the EEA despite leaving the EU?
• (25 November 2016) Brexit - Trade and Treaties
• (24 October 2016) The UK’s future trade relationships 
• (16 September 2016) Brexit: The way forward for multinationals

Additional insights

Antitrust

• (May 2016) Brexit: implications for merger control | This article was first published on the Practical Law website

Data protection

• (28 June 2016) Brexit and data protection: keep calm and carry on?

Employment

• (29 March 2017) Brexit employment issues: an update
• (4 July 2016) Brexit - What now for EU nationals in the UK?
• (24 June 2016) The employment law implications of Brexit

Environment and Climate Change

• (24 July 2018) REACH and the chemicals regime in the UK after Brexit
• (29 June 2016) Brexit - What next for Environmental & Climate Change Law?
• (April 2016) Brexit - what will happen to environmental and climate change law?

Intellectual property

• (18 February 2018) Update on the UPC and unitary patent
• (May 2016) Brexit: implications for EU trade mark holders | This article was first published on the Practical Law website  

Litigation

• (27 February 2019) Brexit will not frustrate the European Medicines Agency's lease at Canary Wharf​
• (7 January 2019) Brexit and choice of courts: UK accedes to the Hague Convention​​
• (16 August 2018) Brexit, English law and the English courts: where are we now?​
  
• (11 September 2017) Brexit - Citizens' Rights, Dispute Resolution and the CJEU
• (23 August 2017) Brexit: The way forward for applicable law and civil jurisdiction and judgments?
• (27 June 2016) Brexit and jurisdiction clauses: Choice of English law following the EU referendum
• (27 June 2016) Close-outs – a recap following the UK's Brexit vote

Pensions

• (22 July 2016) Brexit: What next for UK pensions?
• (24 June 2016) The pensions law implications of Brexit

Planning

• (28 June 2016) Brexit – what next for planning?

Projects

• (28 July 2016) Brexit and UK PFI/PPP infrastructure projects 
• (12 July 2016) Brexit and the Energy and Resources sector

Restructuring and Insolvency

• (1 July 2016) Brexit – what does it mean for the restructuring and insolvency market?

Tax

• (24 June 2016) The tax impact of Brexit: what steps should UK and EU businesses take now?

Other

• (25 October 2019) Brexit-proofing contracts: Eight tips for landlords and developers​
• (27 February 2019) Brexit will not frustrate the European Medicines Agency's lease at Canary Wharf​
• (5 January 2017) Brexit – Dutch bonus cap rules
• (June 2016) Brexit – Hospitality Sector Analysis

Reports in collaboration with Clifford Chance

• (October 2018) The impact of Brexit on OTC derivatives: other 'cliff edge' effects under EU law in a 'no deal' scenario​ | Clifford Chance assisted ISDA, the Association of German Banks (Bundesverband deutscher Banken), Italian Financial Markets Intermediaries Association (Associazione Intermediari Mercati Finanziari – ASSOSIM), Banking and Payments Federation Ireland, Danish Securities Dealers Association (Børsmæglerforening Danmark), Dutch Banking Association (Nederlandse Vereniging van Banken), and Swedish Securities Dealers Association (Svenska Fondhandlareföreningen) in the preparation of a paper on why a 'no deal' scenario has the potential to create a disruptive 'cliff edge' change in the EU regulatory requirements that apply to OTC derivatives business in a way that may adversely affect EU27 or UK firms and their EU27 and UK clients and counterparties.​ The report is available on the ISDA website​.
• (July 2018) Contractual continuity in OTC derivatives – Challenges with transfers: Clifford Chance assisted ISDA and AFME in the preparation of this paper examining the challenges faced by UK and EU firms and their clients seeking to transfer their legacy cross-border OTC derivative contracts to an appropriately licensed affiliate in advance of Brexit.
• (March 2018) The "red tape" cost of Brexit: Research carried out by Clifford Chance and Oliver Wyman on new tariff and non-tariff barriers that could be imposed on trade between the UK and EU27.
• (February 2018) How might wholesale financial services contracts be impacted by Brexit? AFME, in conjunction with Clifford Chance, sets out Frequently Asked Questions (FAQs), which are intended to assist clients of banks in understanding how their cross-border contractual relationships could be impacted by banks’ plans to adapt to Brexit.
• (November 2017) Supporting Europe's Economies and Citizens: A modern approach to financial services in an EU-UK Trade Agreement: UK Finance sets out a model for cross-border market access following UK’s exit from EU in a report developed in collaboration with Clifford Chance and Global Counsel LLP.
• (July 2017) Bridging to Brexit - Insights from European SME's, Corporates and Investors: The Association for Financial Markets in Europe (AFME) commissioned a report from The Boston Consulting Group with support from Clifford Chance, assessing the impact of Brexit on SMEs, large corporates and investors.
• (March 2017) Time to adapt: Achieving an orderly transition for banking: UK Finance prepared two reports with support from Clifford Chance and Global Counsel LLP on 'Achieving an orderly transition for banking' (November 2016) and 'an EU Customer perspective' (March 2017).
• (February 2017) The future of trade for the UK – a guide for businesses: Clifford Chance and the CBI worked together to produce a report which will act as a detailed primer for businesses faced with the prospect of a new global landscape of trade between the UK and the rest of the world.
• (August 2016) UK exit from the EU: An orderly transition for banking: The BBA prepared a report with support from Clifford Chance and Global Counsel LLP on transitional arrangements.
• (April 2014) A legal assessment of the UK's relationship with the EU: A study by Clifford Chance for TheCityUK summarising the legal implications of different EU membership scenarios for the UK from a financial services perspective.

Presentation slides and videos

• (October 2019) Perspectives - The Brexit update (video)​ | slides​ | Kate Gibbons, Michel Petite, Anand Menon (The UK in a Changing Europe; King’s College London) and Deborah Mattinson (BritainThinks) 
• (November 2018) Perspectives - Brexit - business as usual or roadblock for European securitisation? | Andrew Bryan, Kevin Ingram, Jessica Littlewood and Owen Lysak
• (July 2018) Brexit - contractual continuity​ | Owen Lysak and Stephanie Peacock
  
• (July 2018) The European Union (withdrawal) Act​ | Chris Bates
  
• (June 2018) Perspectives - Departure, transition and the future – the Brexit timetable and what it means for business
• (June 2018) The European Union (Withdrawal) Bill and firm planning​ | Chris Bates
• (February 2018) Brexit – evolving shape of transitional arrangements
• (January 2018) Brexit – the implementation and repapering challenge
• (December 2017) Perspectives - Brexit – the shape of things to come​​
• (July 2017) How will Brexit impact end users' access to wholesale banking services? | Chris Bates 
• (June 2017) How will Brexit affect the EU's capital markets? | Chris Bates
• (May 2017) The Belgian legal framework for financial services | Lounia Czupper
• (April 2017) Perspectives - Brexit: the state of the negotiations, and the likely outcomes for business (video)  | Caroline Meinertz, Dan Neidle, Michel Petite and Phillip Souta
• (March 2017) Brexit, Trump and other shocks to the system (video)  | George Magnus, Economic adviser and Associate at China Centre, Oxford University
• (December 2016) Perspectives - Brexit and the continuing development of European restructuring and insolvency law and practice (video) | John MacLennan, Gilles Podeur, Tomas Richter and Gabrielle Ruiz 
• (December 2016) Perspectives - Implementing Brexit (video) | Marc Benzler, Caroline Meinertz, Dan Neidle, Michel Petite and Phillip Souta
• (November 2016) Brexit – will the EU take a hard line or keep Britain close? (video) | Malcolm Sweeting, Lord Kerr of Kinlochard, Charles Grant (Centre for European Reform)
• (November 2016) Perspectives - Brexit – the international economic implications (video) | Stephen King (HSBC), Kate Gibbons 
• (October 2016) Perspectives - Understanding the impact of Brexit on energy and infrastructure investments (video) | Clare Burgess, Michael Coxall, Jessica Gladstone, Jenine Hulsmann 
• (September 2016) Perspectives - Brexit – trade and treaties (video) | Jim Rollo (University of Sussex), Alice Darling, Jessica Gladstone, Romesh Weeramantry
• (September 2016) Perspectives - Brexit and the UK constitution (video) | Colm O'Cinneide (University College London), Simon James, Phillip Souta, Deborah Zandstra
• (September 2016) The UK exit from the EU: a financial services perspective | Chris Bates
• (July 2016) Brexit: update and implications for US hedge fund managers (video) | Jiří Król and Nick O’Neill 
• (June 2016) The landscape after Brexit (video) | Michel Petite, Jessica Gladstone and Phillip Souta with Lord Jay of Ewelme GCMG
• (June 2016) UK/EU referendum - issues and implications | Matt Fairclough, Francis Edwards, Dauwood Malik

Insights on Brexit – call recordings

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• (January 2019) UK Parliament vote on the Brexit deal - implications for asset managers​
• (September 2018) Marketing investment funds post Brexit: assessing the impact on UK and EU managers​
• (November 2017) Brexit and the sell-side:  its impact on asset managers
• (October 2017) The implications for your business of a Brexit 'transition period'
• (April 2017) Brexit issues for OTC derivatives lawyers post Article 50
• (March 2017) Article 50 – what next for Asset Managers
• (January 2017) Transferring portfolios of OTC derivatives in the context of bank group restructurings​
• Call series archive

Insights on Derivatives - call recordings

• (5 September 2019) No-deal Brexit: key considerations for derivatives lawyers​​​
  
• (7 March 2019) Regulatory update for derivatives lawyers: EMIR, Brexit and SFTR
• (December 2018) Brexit up-date​

Insights on Financial Regulation – call recordings

• ​​(November 2018) ​​Brexit update: Contingency planning and addressing cliff-edge risks​

EU Taskforce on Article 50 negotiations webpage

UK Government Brexit policy webpage

Other materials

(13 February 2020) IRSG, An economic partnership based on close and structured cooperation: key principles for the management of the future UK-EU relationship in financial services​

(13 December 2019) House of Commons Library - Brexit and financial services​

(5 November 2019) Financial Markets Law Committee (FMLC) - ​Addendum to the 2017 report on the provision and application of third country regimes in EU legislation | 2017 Report​ | Press release

(12 June 2019) House of Commons Foreign Affairs Committee -  Fragmented and incoherent: the UK's sanctions policy

(​3 June 2019) House of Commons Library - Brexit questions in national a​nd EU courts​​

(7 May 2019) Speech by Chancellor of the High Court: The effect of Brexit on Financial Services Disputes in London​​

(7 May 2019) Speech by The Rt Hon Sir Nicholas Hamblen: Litigating financial disputes in London and the Financial List​

(10 December 2018) City of London Law Society (CLLS) - Memorandum on Private Contracts and Schedule 8 of the European Union (Withdrawal) Act 2018

(7 August 2018) Financial Markets Law Committee (FMLC) - UK withdrawal from the EU: Issues of legal uncertainty arising in the context of the robustness of financial contracts

(8 March 2018) House of Commons Exiting the EU Committee - EU Exit Analysis: Cross Whitehall Briefing

(7 March 2018) House of Commons International Trade Committee - Continuing application of EU trade agreements after Brexit

(27 January 2018) House of Lords EU Financial Sub-Committee - Brexit: the future of financial regulation and supervision

(December 2017) Financial Markets Law Committee (FMLC) - Issues of Legal Uncertainty Arising in the Context of the U.K.’s Withdrawal from the E.U.—the Application and Impact of World Trade Organization Rules on Financial Services | Examines the future of the UK’s cross-border trade with the EU and the potential impact of the WTO’s rules

(August 2017) Financial Markets Law Committee (FMLC) – The impact on cross-border insolvency proceedings | Identifies and considers various issues of legal uncertainty related to the potential loss of mutual and reciprocal recognition provisions written into the Recast EU Insolvency Regulation and other complexities relating to cross-border corporate insolvency

(July 2017) Financial Markets Law Committee (FMLC) - The provision and application of third country regimes in EU legislation | 2019 Addendum | Identifies and considers various issues of legal uncertainty related to the future classification of the UK as a third country with regards to EU law

(June 2017) Courts and Tribunals Judiciary, Combar, Chancery Bar, The Bar Council, The Law Society, The City of London Law Society, Tecbar and TheCityUK - English Law, UK Courts and UK Legal Services after Brexit: The View beyond 2019​

(December 2016) EU Parliament Directorate-General for Internal Policies - Brexit: the United Kingdom and EU Financial Services | Paper discusses role of London as a global financial centre and role of passporting in various banking, asset management, insurance and market infrastructure functions.

(December 2016) Financial Markets Law Committee (FMLC) - Paper on issues of legal uncertainty arising in the context of the withdrawal of the UK from the EU | Discusses issues of legal uncertainty likely to arise in the context of cross border commercial litigation in consequence of Brexit, specifically the application of English law, the jurisdiction of English courts and the enforcement of English judgments.