16 September 2020
16 September 2020
14 October 2020
At 11pm GMT on 31 January 2020, the UK ceased to be a member of the EU and a transition period came into effect. For the duration of the transition period, EU law has continued to apply to the UK and the UK has continued to be treated as if it were still an EU Member State. While this has delayed the effect of Brexit, the end is nigh as the transition period comes to an end at 11pm on 31 December 2020 ("IP completion day") and the UK becomes a third country under EU law. At the end of the transition period, a body of retained EU law will be created in the UK which is based on the EU law that applied to the UK prior to that date. This raises the question of how to draft for Brexit in finance documents after IP completion day and what documentary changes are necessary to address the UK's departure from the EU and the creation of retained EU law.
In this article, from a UK perspective, we consider EU legislative references, construction clauses, bail-in clauses and jurisdiction clauses.
01 October 2020
From 31 December 2020 (when the Brexit transition period ends), if there is no Brexit trade deal for financial services, no concessions and no equivalence determinations, the United Kingdom will be treated like any other "third country". This briefing highlights key implications. It is based on the situation envisaged in the current UK SIs prepared for such a No Deal contingency.
28 September 2020
The UK and Japan have reached agreement in principle on the UK-Japan Comprehensive Economic Partnership Agreement (UKJCEPA). The UKJCEPA is expected to be largely based on the existing Japan-EU EPA (JEEPA) but there will be some notable differences.
The agreement (reached on 11 September 2020) has been hailed as "historic" by the UK government and represents the UK's first major post-Brexit trade deal. In Japan, the UKJCEPA has been welcomed as ensuring post-Brexit trade continuity with the UK. Japan and the UK have each enjoyed improved access to each other's markets since the JEEPA came into force in February 2019, but once the Brexit transition period ends on 31 December 2020 so too do the benefits enjoyed by both parties under the JEEPA.
While we must wait for the full text of the UKJCEPA (expected in October) to understand exactly what has been agreed, announcements by both governments offer some strong indications on what to expect.
17 September 2020
A Brexit milestone was reached on 31 January 2020, when the UK ceased to be a member of the EU on entry into force of the long-awaited Withdrawal Agreement. However, the immediate implications of this exit were minimised due to the transition period, under which the UK is treated as a member of the EU for most purposes until 31 December 2020.
The end of the transition period therefore means the UK and the EU face another "no-deal" scenario unless a comprehensive trade deal is agreed before the end of 2020. With attention diverted by COVID-19, political progress on a UK-EU trade deal has been slow and, at time of writing, many are questioning whether a deal will be concluded by the end of the year.