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, under 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

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 not significantly impacted by Brexit - some changes relate to the fact that EEA member states are now third countries and should be treated the same as third countries.

There are some EU-wide corporate law concepts that fell away at the end of the Brexit transition period:

• European public limited companies/Societas Europaea (SEs) and European Economic Interest Groupings (EEIGs) are no longer available for registration in the UK. SEs and EEIGs registered in the UK on 31 December 2020 were automatically converted into new UK corporate structures so they will have a clear legal status i.e. United Kingdom Societas (or UK Societas) and UK economic interest grouping (or UKEIG) respectively. The existing provisions for the conversion of an SE into a public company have been adopted to allow the conversion of a UK Societas into a public company. 
  
• The EU cross-border merger regime that allows mergers between companies in different EU member states will no longer be available in the UK.   
  

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 ensures this regime continues in the UK by "onshoring" EU MAR, although consequential amendments have been made to the "onshored" version by The Market Abuse (Amendment) (EU Exit) Regulations 2019.
• During the Brexit transitional period, the UK remained subject to the single disclosure and transparency regime for companies listed on a regulated market anywhere in the EEA (which term was 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 did not have to comply with separate obligations in each state. Following the end of the transition period, companies with a listing in both the UK and an EU member state are 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 was approved by the FCA in the UK could be used in EEA member states without any further approval and minimal additional administrative requirements. This passporting right ended at the end of the transition period.
  
• Takeovers in the UK are governed by the Companies Act 2006 (which implemented the Takeovers Directive) and the Takeover Code which are largely unaffected by Brexit save in relation to the shared jurisdiction regime which no longer applies following the end of the Brexit transition period. Brexit related changes have been 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 collective redundancy consultation, 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 CJEU judgments will be given effect in our domestic law at the end of the Brexit Transition Period (31 December 2020) (Retained EU Case Law). However, the Supreme Court and Court of Appeal will have the power to depart from such Retained EU Case Law if "it appears right to do so". However after the end of the Transition Period, the UK's domestic courts will not be bound by new CJEU decisions. Accordingly in the event that CJEU judgments develop employment law principles (and potentially expand employment rights) beyond the principles established by the Retained EU Case Law then the English courts will not be bound to follow such decisions when interpreting domestic legislation, but can have regard to them.

The British government has clarified that in the event of a "no-deal" Brexit legislation will be implemented so that no new requests to set up a European Works Council (EWC) procedure can be made but that the provisions relevant to the ongoing operation of existing EWCs will remain in force. The European Commission has confirmed that the EWC Directive will cease to apply to the UK upon Brexit. UK employees may continue to be represented on a EWC if that is provided for in the EWC agreement. If a corporate group's central management or representative agent is in the UK pre Brexit it will be transferred to an EU Member State upon Brexit to the establishment employing the greatest number of employees in a Member State. If English law applied to the EWC agreement with effect from Brexit day the governing law will be that of the Member State where central management moves to.

Practical Implications

• It remains to be seen whether the Supreme Court and Court of Appeal will consider it appropriate to disregard Retained EU Casw Law, particularly in relation to collective redundancy consiultation triggers, 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 CJEU that develop employment law principles beyond the principles established in CJEU case law at the end of the Brexit Transition Period.
  
• 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 after 31 December 2020. 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 after 31 December 2020.
  
• 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 and health & safety law derives from EU legislation put in place over several decades. This has been largely onshored as EU retained law as from the end of the Transition Period on 31 December 2020. Under the terms of the Trade and Cooperation Agreement (TCA), the UK retains the right to regulate on environmental and climate change matters. The Government has expressed a general desire for deregulation following Brexit. However, the UK will still have to comply with all rules relating to standards of safety and environmental sustainability of products being put on the EU market, since no 'mutual recognition' mechanism for product standards has been agreed in the TCA.

The UK might be able to relax some laws relating to operational environmental protection controls within UK borders. However, there are a number of reasons why UK may not significantly diverge from the body of EU environmental and climate change law going forward:

• Under the TCA, the UK has agreed that it will not reduce the level of domestic environmental protection or climate protection below levels established as at 31 December 2020 (or enacted before that date but subject to later implementation).
• Also, any significant divergence between the EU and UK in the area of environmental and climate change (among others) is subject to possible rebalancing measures (e.g. tariffs) under the TCA, whether such divergence results from one party reducing or increasing its regulation in a relevant area.
• The UK is bound by a number of international agreements (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.

The Government has proposed 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) through an Environmental Bill, which is currently going through the Parliamentary process.

​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 and indeed strengthened its climate agenda regularly since the vote.

The UK has enacted a number of standalone regimes into UK law which were previously central EU regimes. These include a UK Emissions Trading Scheme, and a UK version of the REACH chemicals registration etc. regime, and are largely copies of the EU equivalents:

• ​The UK Emissions Trading Scheme applies across the UK, but excludes activities regulated under the Single Electricity Market in Northern Ireland (which remain covered by the EU Emissions Trading System).
• UK REACH applies only in relation to Great Britain (as Northern Ireland companies are still governed by the EU REACH regulation). Transport of chemicals from Northern Ireland is subject to UK REACH rules although there are some provisions which seek to facilitate compliance. Transport of chemicals from UK to Northern Ireland is subject to compliance with the EU REACH regulation. 

Financial regulation

• ​The end of the Brexit transition period at 11pm (GMT) on 31 December 2020 marks a step change in market access between the UK and EU for financial services, including loss of passporting rights.
  
• From an EU perspective, the UK will be treated as a "third country", similar to the US or Singapore. While the existing EU financial services regulatory framework includes numerous third-country regimes based on equivalence, none come close to replicating single market membership. UK financial services firms looking to provide services in the EU therefore need to navigate a patchwork of national licensing regimes and face restrictions on cross border business and many other impediments compared with the market access that an EU firm would have.
• As noted above, ​some areas of EU financial regulation 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, as they only apply in discrete product and/or service areas, such as recognition of third country CCPs under Article 25 EMIR and a limited EU passport under MiFIR for equivalent third country firms conducting wholesale business in the EU. Also, the European 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.
  
• The European Commission has adopted a time-limited equivalence decision for UK CCPs, allowing them to be recognised under Article 25 EMIR from the end of the transition period until 30 June 2022. However, equivalence assessments in many other areas are ongoing. In addition, in its communication on readiness at the end of the transition period, the European Commission indicated indicates several areas where it does not intend to make an equivalence determination in the short to medium term, including in relation to cross-border provision of wholesale investment services under Article 47(1) MiFIR.
  
• 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. Again, there is no harmonised EU-wide solution to this issue and so firms need to navigate a patchwork of different regimes across EU member states.
  
• In contrast, the UK has introduced temporary permissions and recognition regimes, which allow EU firms and financial market infrastructures that previously provided services in the UK in reliance on passporting rights to continue to provide these services in the UK for a time-limited period (typically up to 3 years) 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 "onshored" this vast body of EU law or EU-related law at the end of the transition period. It 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 becomes part of the UK domestic law at the end of the transition period, as they applied at that point in time.
  
• 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 are no longer appropriate when the UK is no longer treated as a Member State. The Withdrawal Act therefore gave the UK Government powers to make statutory instruments to remedy these and other "deficiencies" to reflect the post-Brexit status of the UK as a third country vis-à-vis the EU. In the area of financial services, HM Treasury and the financial regulators have made dozens of "exit instruments" remedying these deficiencies in the onshored body of financial services legislation and regulatory rules.
  
• The UK regulators have also been granted temporary transitional powers to smooth the cliff edge impact of the end of the transition period by delaying many of the changes to regulatory rules that would otherwise have applied to firms from that date. In general, these changes are delayed by 15 months to 31 March 2022. HM Treasury has also exercised its powers to make a number of equivalence determinations with respect to the EU ahead of the end of the transition period. Looking ahead, the UK government and regulators are considering what the future UK financial services regulatory framework should look like more broadly, including the respective roles of Parliament, HM Treasury and the regulators in the rulemaking process.
  
• 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 also needs 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.

If an existing EU trade mark or design is the subject of revocation or invalidity proceedings that result in its revocation or invalidity after the IP Completion Day, then the comparable right that derived from that EU trade mark or design will also be revoked or declared invalid. The exception is where the grounds on which the EU trade mark was revoked/declared invalid would not have applied if brought against the comparable mark under the Trade Marks Act 1994 and Registered Designs Act 1949 respectively. 

If an application for registration or grant of an EU trade mark or design 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.

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. 

EU designations under international trade mark and design registrations will have comparable UK rights automatically created at the end of the transition period based on their international rights protected through the Madrid and Hague systems.

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

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, two new UK rights will be created. Existing EU unregistered rights will be mirrored into the UK national system automatically on IP Completion Day and protected as UK continuing unregistered designs. The UK will also create a new unregistered design right called the supplementary unregistered design (SUD). The terms of SUD protection will be similar to that conferred by the EU's unregistered community designs but protection under this will extend only to the UK. The existing UK unregistered design right will also continue to operate as normal alongside these two new rights, however the qualification criteria will be amended to account for the fact the UK is no longer in the EU.

EEA designers disclosing their design in the EEA will cease to enjoy automatic protection under the UK unregistered design right with effect from IP Completion Date. Likewise, designs first disclosed in the UK will no longer be eligible for protection as EU unregistered designs. A business seeking unregistered design protection will therefore have to decide whether they want UK or EU protection. Simultaneous disclosure of the design may be possible but the UKIPO is yet to provide clarity.

Geographical Indications (GIs)

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.

A new scheme managed by DEFRA will come into effect at the end of the transition period and will be open to producers from the UK and other countries. Established GIs recognised under the EU GI schemes will continue to be protected in the UK.

From 1 January 2021, producers and breeders will need to apply to the relevant UK or EU scheme separately to protect a new GI or plant variety in UK (excluding NI) or Europe respectively. In relation to GIs, GB producers will need to secure protection under the UK scheme before applying to the EU scheme.

Supplementary Protection Certificates (SPCs)

Supplementary Protection Certificates, although currently issued under an EU Regulation, are already granted at a national level by the relevant regulatory authority. From IP Completion Day, the existing EU SPC regulation will form part of UK law pursuant to the Patents (Amendment) (EU Exit) Regulations 2019, however, with certain amendments to create a more standalone system.

SPCs that have already been granted will continue to be valid and no further action will need to be taken by the rightsholder. In addition, SPC applications filed in the UK prior to IP Completion Day that are pending will be unaffected by the change in the regulatory framework and will be examined under the current framework. SPC applications filed in the UK after IP Completion Day will be subject to the new regulatory framework, which requires that the applicant must have a valid patent in the UK and a marketing authorisation which allows the product to be sold on the UK market as at the application filing date. This includes marketing authorisations granted by the MHRA, the UK medicines regulator, and any authorisations granted by the EMA, the European medicines regulator, which have been converted into UK authorisations by the MHRA.

Although the grant of an SPC will be based on the first UK authorisation to place the product on the market as a medicinal product, the period of duration of the SPC will be based on the first authorisation for the product in either the EEA or the UK. However,  third parties will be permitted to manufacture SPC protected products in the UK without the rightsholder's consent if such products are for export outside of the UK and EU. Stockpiling will also be permitted during 6 months prior to expiry of the UK SPC if the protected product is for sale in the UK or EU upon the expiry date.

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.

EUIPO representation

UK lawyers and attorneys will be unable to represent clients before the EU IP Office from IP Completion Day so clients will need to record an EEA-based representative thereafter. The exception to this is for those existing procedures, such as oppositions (and any related appeals), recordals or objections, which are still ongoing at year end. For those issues, UK lawyers will continue to be recorded as the representative until the matter is resolved.

From the end of the transition period, the recorded address for service of documents in proceedings relating to patents, trade marks, and registered and unregistered designs must be in the UK, Gibraltar or the Channel Islands except in certain specified circumstances.

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. 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.

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 after the end of the transition period, ie after 11pm on 31 December 2020 (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). This may be affected by the terms of a deal, if any, done by the UK and the EU, as well as the 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 immaterial 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 after the end of the transition period. 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 in circumstances where the EU court has jurisdiction under the Brussels I Regulation (at least, unless the provisions of article 33 of the Brussels I Regulation apply, which require the English court to be first seised).

The UK has acceded in its own right to the Hague Convention on choice of court agreements, which will come into force for the UK on 1 January 2021. For contracts containing exclusive jurisdiction clauses (which do not 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. (The UK argues that the Convention has been in force for the UK from 1 October 2015; the European Commission does not agree.)

Other jurisdictional rules: After the end of the transition period, 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 (which depend upon the ability to serve a defendant with legal process within the jurisdiction or, with the permission of the court, outside the jurisdiction). 

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: Under article 67 of the Withdrawal Agreement, an English judgment given in proceedings "instituted" before the end of the transition period will be enforceable in EU member states in accordance with the Brussels I Regulation whether the judgment was given before or after the end of the transition period. 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.  Likewise a judgment to which the Hague Convention applies given by a court in an EU member state will be enforceable in England.​

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 not be any immediate changes following the end of the transition period which runs to 31 December 2020 albeit there is scope for divergence if the UK does not in the future follow EU pensions initiatives. 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" and the power to depart from retained EU case law will extend beyond the UK Supreme Court to the Court of Appeal (and equivalent courts across the UK). 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.) has been 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 even beyond the end of the transition period, whilst defined contribution (DC) schemes and providers may consider whether the investment options made available to members remain appropriate. 
• Trustees and employers may need to address the terms of any funding/support packages in place, to check whether any legal or investment triggers 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 previous 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.

EU-UK Trade and Cooperation Agreement

• (28 December 2020) Trade and Cooperation Agreement (including Annexes and Protocols)
• (26 December 2020) Joint declarations (including on financial services)
  

 Materials published on 24 December 2020:

• UK Prime Minister's statement
• UK summary
• EU press release 
• EU Q&A
• ​EU Commission webpage​
  
• EU Commission brochure
• EU Commission overview of consequences and benefits
• EU Commission infographic
• EU Commission timeline
• EU Commission checklist - changes compared to benefits of EU membership
  

Other Agreements reached on 24 December 2020:

• (26 December 2020) Agreement on Nuclear Cooperation
• (26 December 2020) Agreement on Security Procedures for Exchanging and Protecting Classified Information

Other materials and commentary

• (30 December 2020) UK HoC Committee on the Future Relationship with the EU, Report - The UK-EU future relationship: the Trade and Cooperation Agreement​ | Press release​

Implementation

UK

• draft ​European Union (Future Relationship) Bill 2020 - a Bill to implement, and make other provision in connection with, the Trade and Cooperation Agreement (TCA)
  
• draft Explanatory Notes
  
• UK Government webpage

EU

​To allow for ratification, the EU Commission intends to apply the Trade and Cooperation Agreement (TCA) on a provisional basis until 28 February 2021. To both those ends, the Commission has published proposed Council decisions on the signature and provisional application and on the conclusion of the Agreements. On 29 December 2020, the Council adopted a decision authorising the signature of the TCA and its provisional application. In early 2021, the EU Parliament will be asked to give its consent. Finally, the Council must adopt a decision on the conclusion of the TCA.

• (29 December 2020) ​EU Council Decision on the signing of the TCA | Press release​
  
• (26 December 2020) Draft EU-UK Agreements - Accompanying Acts, including:​
  
  • (27 December 2020) EU Commission, Proposal for a Council Decision on the signing, on behalf of the EU, and on provisional application of the Trade and Cooperation Agreement (TCA)
    
  • (27 December 2020) EU Commission, Proposal for a Council Decision on the conclusion, on behalf of the EU, of the Trade and Cooperation Agreement (TCA)

Background materials

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 ninth round (29 September - 2 October​ 2020)
• (21 October 2020) Organising principles for further negotiations agreed by the Chief Negotiators for the UK and EU
• (31 July 2020) Addendum to the terms of reference on the UK-EU future relationship negotiations - sets out forward process to create conducive conditions for concluding and ratifying a deal before the end of 2020
• (12 June 2020) Addendum to the terms of reference on the UK-EU future relationship negotiations - sets out forward process to intensify talks

Draft texts

EU

• (18 March 2020) Draft text of the Agreement on the New Partnership with the UK | Webpage​ | Press release
• Additional draft texts:
  • (14 August 2020) Amended draft text on law enforcement and judicial cooperation
  • (15 July 2020) Draft text substituting certain placeholders in relation to road transport

UK

• (19 May 2020) Draft legal texts webpage​ 
  
  • Draft UK-EU Comprehensive Free Trade Agreement (CFTA) | Draft Annexes
    
  • Draft Fisheries Framework Agreement
    
  • Draft Air Transport Agreement
    
  • Draft Civil Aviation Safety Agreement | Draft Annexes
    
  • Draft Energy Agreement
    
  • Draft Social Security Coordination Agreement
    
  • Draft Civil Nuclear Agreement
    
  • Draft Agreement on Law Enforcement and Judicial Cooperation in Criminal Matters
    
  • Draft Agreement on the Transfer of Unaccompanied Asylum-seeking Children
    
  • Draft Agreement on the Readmission of People Residing Without Authoritisation​

Negotiating directives and statements

Press releases, statements and speeches

• (21 October 2020) UK Government, Statement on further UK-EU negotiations
• (16 October 2020) UK Government, Prime Minister's statement on EU negotiatons
  
• (15 October 2020) European Council conclusions on EU-UK relations ​
• (2 October 2020) Statement by Michel Barnier following the 9th round​ | Statement by David Frost​
• (10 September 2020) Statement by Michel Barnier on 8th round​ | Statement by David Frost
  
• (7 September 2020) UK Government, Prime Minister's statement on EU negotiations - noting 15 October 2020 deadline
  
• (21 August 2020) Video of EU Commission press conference ​following 7th negotiation round​
• (23 July 2020) Statement by Michel Barnier following 6th negotiation round | Statement by David Frost
• (2 July 2020) Statement by Michel Barnier following the restricted round of negotiations​ | Statement by David Frost
• (30 June 2020) Remarks by Michel Barnier at Eurofi General Assembly​
• (25 June 2020) Council adopts conclusions on EU-UK relations​
• (15 June 2020) EU-UK Statement following the High Level Meeting on 15 June
• (5 June 2020) Statement by Michel Barnier following 4th negotiation round | Statement by David Frost​
• (15 May 2020) Remarks by Michel Barnier after the 3rd negotiation round | Statement by David Frost​
• (24 April 2020) Remarks by Michel Barnier after the 2nd negotiation round​ | Statement by UK Government spokesperson​
• (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 documents

• (20 July 2020) UK Government, UK-EEA EFTA states: future relationship negotiations
• (1 June 2020) UK Parliament (HoL EU Committee), Report on the Protocol on Ireland / Northern Ireland​
• (20 May 2020) UK Government, Command paper on the UK's approach to the Northern Ireland Protocol | Webpage
• (30 April 2020) European Commission, Technical note on the implementation of the Protocol on Ireland / Northern Ireland​
• (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 webpages - The EU and the UK - forging a new partnership | Guide to the negotiations ​
• (27 May 2020) House of Commons Library, The UK-EU future relationship: the March 2020 EU draft treaty and negotiations update
  
• (20 May 2020) House of Commons Library, The UK-EU future relationship negotiations: summary of positions
• (24 January 2020) European Commission, Q&As on the UK's withdrawal from the EU on 31 January 2020​

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
  
  • (10 December 2020) Communication and legislative proposals on limited contingency measures in the absence of an agreement on a future partnership with the UK​​ | Press release
    
    • Communication | Annex 1 | Annex 2
      
    • Fishing authorisations
      
    • Aviation safety | Annex
      
    • Common rules ensuring basic road freight and road passenger connectivity
      
    • Basic air connectivity
  • (9 July 2020) Communication on readiness at the end of the transition period between the EU and the EU (COM(2020)324 final) | Press release​
  • (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​ | UK Government transition period homepage​ | 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; see the Commission's ​Preparedness notices and Readiness notices (updated preparedness notices)​ webpages for the most recent version

European Union (Future Relationship) Act 2020 | European Union (Withdrawal Agreement) Act | European Union (Withdrawal) Acts | Secondary legislation | Other UK legislation relating to Brexit | Retained EU legislation sources

European Union (Future Relationship) Act 2020

• European Union (Future Relationship) Act ​2020 - an Act to implement, and make other provision in connection with, the Trade and Cooperation Agreement (TCA); to make further provision in connection with the United Kingdom’s future relationship with the EU and its member States; to make related provision about passenger name record data, customs and privileges and immunities; and for connected purposes
  
• draft Explanatory Notes
• Legislation Tracker - access to documents from passage through Parliament

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

• (15 October 2020) HMT statement on financial services Brexit SIs - onshoring programme update
  
  • Consultation response on BRRD2 transposition​ | Dra​ft SI​
    
  • Consultation response on CRD5 transposition | Draft SI​
• (15 October 2020) MoJ consultation response on the departure from retained EU case law by UK courts and tribunals | Webpage | Draft European Union (Withdrawal) Act 2018 (Relevant Court) (Retained EU Case Law) Regulations 2020
• (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 
  • 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
  
• Private International Law (Implementation of Agreements) Act 2020
  • ​House of Commons Library research briefing
• Extradition (Provisional Arrest) Act 2020
• Agriculture Act 2020
• Immigration and Social Security Co-ordination (EU Withdrawal) Act 2020
• Fisheries Act 2020
• UK Internal Market Act 2020​
  
  • (10 September 2020) UK Government, Legal Position: UKIM Bill and Northern Ireland Protocol
  • (10 September 2020) EU Commission, Statement following publication of the Internal Market Bill

Draft Legislation

Current Parliament

• Queen's Speech in December 2019
• Financial Services Bill 2019-21 - introduced 21 October 2020
  
  • (23 June 2020) HM Treasury Policy Statement: Prudential standards in the Financial Services Bill: June update | Webpage ​
• Trade Bill 2019-21​ - introduced 19 March 2020
• Medicines and Medical Devices Bill 2019-21​ - introduced 13 February 2020
• Environment Bill 2019-21​ - introduced 30 January 2020

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.

Withdrawal Agreement and Political Declaration

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

Infringement process against the UK (October 2020)

• (1 October 2020) European Commission, Withdrawal Agreement: European Commission sends letter of formal notice to the UK for breach of its obligations | Statement by President von der Leyen

Terms of reference and negotiating objectives

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

EU | UK

EU

European Commission

• Commission Implementing Decision (EU) 2020/1766 of 25 November 2020 determining, for a limited period of time, that the regulatory framework applicable to central securities depositories of the UK and Northern Ireland is equivalent, in accordance with Regulation (EU) No 909/2014
• Commission Implementing Decision (EU) 2020/1308 of 21 September 2020 determining, for a limited period of time, that the regulatory framework applicable to central counterparties in the UK and Northern Ireland is equivalent, in accordance with Regulation (EU) No 648/2012​ | (21 September 2020) Bank of England statement on the decision​
• (July 2020) Updated stakeholder preparedness notices relating to financial services:
  • Notice on asset management
  • Notice on banking and payment services
  • Notice on company law
  • Notice on credit rating agencies
  • Notice on data protection
  • Notice on e-commerce
  • Notice on e-signature (electronic identification and trust services for electronic transactions)
  • Notice on the emissions trading system
  • Notice on institutions for occupational retirement provision
  • Notice on insurance and re-insurance
  • Notice on investment services (markets in financial instruments)
  • Notice on post-trade financial services
  • Notice on statutory audits
• (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​
• (24 April 2018) Speech by Valdis Dombrovskis, European Commission Vice-President, on equivalence as a potential solution for the UK after Brexit

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

European Banking Authority (EBA)

• (9 November 2020) Press Release: The EBA reminds financial institutions of the need for readiness in view of the Brexit transition period ending on 31 December 2020
• (29 July 2020) Press Release: The EBA calls on financial institutions to finalise preparations for the end of the transitional arrangements between the EU and UK​
• (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

European Securities and Markets Authority (ESMA)

• (16 December 2020) ESMA reminder on scheduled IT operations at the end of the transition period
• (25 November 2020) ESMA statement clarifying application of trading obligation for derivatives | Press release
• (10 November 2020) ESMA updates Brexit statements for the end of the transition period
  • Issues affecting EMIR and SFTR reporting following the end of the UK transition period on 31 December 2020 (ESMA74-362-881) 
    
  • Use of UK data in ESMA databases and performance of MiFID II calculations following the end of the UK transition period on 31 December 2020 (ESMA70-155-10958)
    
  • ESMA’s Da​ta Operational Plan following the end of the UK transition period on 31 December 2020​ (ESMA65-8-7497) 
• (9 November 2020) ESMA updates Q&As for prospectus and transparency rules linked to Brexit
• (26 October 2020) ESMA statement on the trading obligation for shares (Article 23, MiFIR) - addresses trading of EEA ISIN shares on UK trading venues in GBP | Press release​
• (1 October 2020) ESMA updates statements on the impact of Brexit on MiFID2/MiFIR and BMR
• (28 September 2020) ESMA statement on recognition of three UK CCPs (ICE Clear Europe Limited, LCH Limited, and LME Clear Limited) from 1 January 2021 | Press release | Bank of England statement ​on ESMA recognition decisions
• (17 July 2020) ESMA press release - Market participants to continue preparations for the end of the UK transition period​
• (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 Insurance and Occupational Pensions Authority (EIOPA)

• (13 October 2020) Press release on completing preparations for the end of the transition period​
• (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 Central Bank (ECB)

• (18 November 2020) Supervision Newsletter: Brexit: banks should prepare for year-end and beyond
• (13 October 2020) Occasional Paper: A review of economic analyses on the potential impact of Brexit
• (13 November 2019) Newsletter article - Brexit: operational risk increases when banks delay action​
• (14 August 2019) Newsletter article - Brexit: stepping up preparations​
• (16 May 2018) 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

Single Resolution Board (SRB)

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

Other European Organisations

• (14 July 2020) European Payments Council, Press release - Brexit from 1 January 2021 onwards: get ready for the end of the transition period
• (25 May 2020) European Banking Federation, EBF view on the use of equivalence regimes | Press release

UK

HM Government

• (9 November 2020) Chancellor's statement to the House of Commons on financial services | Press release
  • Policy Paper: HMT equivalence decisions for the EEA States
  • Table of UK Equivalence Decisions
    
  • Guidance document for the UK's Equivalence Framework for Financial Services
• (15 October 2020) HMT statement on financial services Brexit SIs - onshoring progra​mme update
  
  • Consultation response on BRRD2 transposition​ | Dra​ft SI​
    
  • Consultation response on CRD5 transposition | Draft SI​
• (8 October 2020) HM Treasury responses to questions from the HoL EU Services Sub-Committee on post-Brexit future relationship in financial ​services​ covering UK-EU equivalence decisions, future UK-EU regulatory co-operation and future UK financial services regulatory framework
• (30 June 2020) Joint statement by the UK and Switzerland on negotiating a mutual recognition agreement on financial services​ | Press release | Speech by Rishi Sunak, Chancellor of the Exchequer
• (23 June 2020) Regulatory reforms in financial services - press release providing links to:
  • Written Ministerial Statement: Financial Services Update
  • Written Ministerial Statement: Financial Services Regulation
  • HMT Policy Statement: Prudential standards in the Financial Services Bill: June update
  • HMT Consultation: Transposition of BRRD2
  • FCA Statement: A new UK prudential regime for MiFID investment firms
  • FCA Statement: Proposed amendments to the Benchmarks Regulation
• (11  June 2020) Letter dated 27 May 2020 from John Glen, Economic Secretary to the Treasury (HMT), to the House of Lords EU Financial Affairs Sub-Committee setting out the Government's response to the financial services after Brexit inquiry
• (23 April 2020) UK Government, Letter dated 23 April 2020 from John Glen, Economic Secretary to the Treasury (HMT), to the House of Commons European Scrutiny Committee on the UK Government's position on equivalence in financial services
• (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) / Prudential Regulation Authority (PRA)

• Temporary Permissions Regime (TPR) webpage​
  
• Temporary Transitional Power (TTP) webpage​
  
• (28 December 2020) PRA Policy Statement on changes before the end of the transition period (PS30/30)​ - contains the final PRA Rulebook (EU Exit) Instrument, PRA transitional direction and related guidance documents 
• (18 December 2020) Policy Statement: BoE's amendments under the EU(W)A 2018: changes before the end of the transition period (PS27/20) | Webpage
• (21 October 2020) Dear CEO Letter from the PRA and FCA to insurance firms on final preparations
• (9 October 2020) Dear CEO Letter from the PRA and FCA on final preparations for the end of the transition period | PRA webpage​
• (1 October 2020) Guidance documents supporting the draft transitional directions published as part of CP13/20:
  
  • General guidance on the BoE's transitional direction
    
  • General guidance on the PRA's transitional direction​
• (22 September 2020) PRA consultation on UK withdrawal from the EU: changes before the end of the transition period (CP13/20)​ | Webpage - includes update on the proposed use of the TTP and updates to existing exit instruments
• (22 September 2020) Report on the exercise by the Bank of England and Prudential Regulation Authority of sub-delegated powers under the European Union (Wi​thdrawal) Act 2018 | Webpage​
• (2 September 2020) Letter to CEOs of all PRA-regulated firms on the temporary permissions regime - operational readiness
• (30 April 2020) BoE, PRA and FCA statements on retaining temporary transitional powers for a period of two years from the end of the transition period - BoE and PRA statement | FCA statement​
• (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)

• Temporary Permissions Regime (TPR) webpage​
• Information about Brexit from EEA regulators webpage
• (31 December 2020) FCA press release: Regulatory change for firms as Brexit transition period ends​
• (31 December 2020) FCA statement on use of the Temporary Transitional Power (TTP) to modify the UK’s derivatives trading obligation (DTO)
  
• (24 December 2020) FCA Press release: Brexit countdown for UK financial services sector ​
  
• (22 December 2020) FCA publishes final Brexit instruments and Temporary Transitional Power (TTP) directions 
• (16 December 2020) FCA updates supervisory statement on MiFID transparency regime
  
• (4 December 2020) MiFID reporting after the Brexit transition period
• (2 December 2020) FCA adds draft share trading obligation transitional direction and explanatory note to its STO webpage
• (1 December 2020) Press release: 1 month to go: FCA reminds firms to be ready for the end of transition period​
• (24 November 2020) FCA publishes statements and validation rules on UK EMIR and SFTR reporting​
  
• (23 November 2020) FCA publishes notification user guide and templates for STS securitisations
• (4 November 2020) FCA publishes statement on its approach to the share trading obligation
• (1 October 2020) FCA publishes:
  • Updated version of the FCA Handbook to show rules that will apply at the end of the transition period | Guide to the Handbook for Post-Brexit Transition​
    
  • Webpage on onshoring and the TTP, including details on exceptions
    
  • Webpage on transitional directions
    
  • Webpage on previous TTP updates
• (23 September 2020) FCA consultation paper on its approach to international firms | Webpage | Press release
• (August 2020) Market Watch newsletter (64) - Brexit and MiFID transaction reporting
• (17 July 2020) FCA confirms MoUs with ESMA and EU securities regulators​
  
• (17 July 2020) Webpage on the eCommerce Directive - changes at the end of the transition period​
• (30 April 2020) BoE, PRA and FCA statements on retaining temporary transitional powers for a period of two years from the end of the transition period - FCA statement​ - see BoE and PRA statement above
• (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

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

Implementing Brexit

• (27 December 2020) Relieved? UK and EU agree post-Brexit deal
• (6 August 2020) 'Falling Back on the WTO': No deal implications for the UK insurance sector
• (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

• (18 December 2020) Brexit Immigration Briefing - What next?​
• (18 November 2020) The Post-Brexit Patchwork: EU market access rules for UK firms​
• (14 October 2020) Drafting for Brexit in Finance Documents: A UK Perspective
  
• (13 October 2020) Brexit, Law and Jurisdiction: Where will we be after transition?
• (24 June 2020) Brexit and Energy: Reaching a UK-EU Agreement On Energy: The Challenges Ahead
• (8 June 2020) Carbon Price Clarity: A new UK emissions trading system from 2021
• (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

• (24 November 2020) The future regulatory framework review for financial services looks to post-Brexit future
• (18 November 2020) The Post-Brexit Patchwork: EU market access rules for UK firms​
• (14 October 2020) Drafting for Brexit in Finance Documents: A UK Perspective
• (1 October 2020) Brexit and Capital Markets - 31 December 2020 considerations​
• (17 June 2020) Technical Briefing: What the MiFIR third-country regime means for UK-EU cross-border 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​
• (4 June 2019) Testing the New Foundations: Recent Developments in Securitisation Regulation - see p. 61 for Brexit implications
• (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

• (29 December 2020) The impact of Brexit on Personal Data Flows to the UK​
• (16 September 2020) No-deal brexit and its likely impact on transfers of personal data by EU-based entities to the UK​
• (28 June 2016) Brexit and data protection: keep calm and carry on?

Employment

• (18 December 2020) Brexit Immigration Briefing - What next?
• (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 June 2020) Brexit and Energy: Reaching a UK-EU Agreement On Energy: The Challenges Ahead
• (8 June 2020) Carbon Price Clarity: A new UK emissions trading system from 2021
• (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

• ​(13 October 2020) Brexit, Law and Jurisdiction: Where will we be after transition? 
• (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

• (​30 December 2020) ​UK sanctions after Brexit - key changes of which to be aware​
• (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

• (31 July 2020) The impact of Brexit on OTC derivatives: other 'cliff-edge' effects under EU law at the end of the transition period - stock-take of mitigating action taken to prepare for a no-deal Brexit | Clifford Chance assisted ISDA, the Italian Financial Markets Intermediaries Association (Associazione Intermediari Mercati Finanziari, or ASSOSIM), the Danish Securities Dealers Association (Børsmæglerforening Danmark), the European Banking Federation and the Swedish Securities Dealers Association (Svenska Fondhandlareföreningen) in the preparation of a paper in response to concerns about the impact on EU and UK firms and their EU and UK clients resulting from the end of Brexit transition period in December. The paper provides a stock-take of the other reasons why the end of the transition period has the potential to create a disruptive ‘cliff-edge’ change in the EU regulatory requirements that apply to the over-the-counter derivatives business in a way that may adversely affect EU or UK firms and their EU and UK clients and counterparties. The report is available on the ISDA website.
• (17 June 2020) Technical Briefing: What the MiFIR third-country regime means for UK-EU cross-border services​​: UK and EU banks' passport rights to provide cross-border services between the UK and EU end on 31 December 2020. This briefing discusses how the EU regime for cross-border services under the Markets in Financial Instruments Regulation (MiFIR) operates and the implications for UK firms if the European Commission makes an equivalence decision in respect of the UK under MiFIR, including the impact of the changes to the MiFIR regime applying from June 2021. It also discusses the implications for EU firms if the UK makes a corresponding equivalence decision in respect of the EU under the ‘onshored’ MiFIR as it forms part of UK law after the end of the Brexit transition period. This briefing was prepared in collaboration with UK Finance.
• (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

• (November 2020) Perspectives - Brexit - the transition ends (video)​ | Caroline Dawson, Dan Neidle, Chinwe Odimba-Chapman, Michel Petite, Phillip Souta​
• (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

• (November 2020) Preparing for Brexit: the view from Continental Europe
  
• (June 2020) Brexit update: key practical considerations for derivatives practitioners
• (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 2020) Insights on MiFID Review: Overview of the MiFID Review, Quick Fix proposals and Brexit implications​
• ​​(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

(2 July 2020) UK Ministry of Justice - Consultation on the departure from retained EU case law by UK courts and tribunals | Webpage | Press release

(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.