30 May 2018
The European Union (Withdrawal) Bill in the House of Lords
The House of Lords’ amendments to the European Union (Withdrawal) Bill can be categorised into five types: political; Parliamentary control over the Brexit process; Parliamentary control over the initial amendments to retained EU law needed to correct deficiencies; Parliamentary control over subsequent amendment to that law; and devolution. Many of the amendments are laudable in their aims, but it is important not to lose sight of the practical necessity of ensuring that UK law works effectively on Brexit and can then be kept up to date.
12 March 2018
The "red tape" cost of Brexit
Research carried out by Clifford Chance and Oliver Wyman indicates that Brexit tariffs and non-tariff barriers are expected to cost UK firms around £27 billion and EU exporters £31 billion. The automotive sector will be hardest hit in the EU27, while in the UK, financial services will incur the highest extra "red tape" costs. Jessica Gladstone, Partner, Clifford Chance, says: “Given the difficulty of knowing exactly what turbulence lies ahead many businesses are putting Brexit in the 'too hard' box, but failing to prepare is preparing to fail. Exporters that understand exactly what Brexit's risks and rewards could be for them will be able to implement the right plans at the right time to ensure that they are one of the winners rather than one of the losers.
19 February 2018
Brexit: The impact on wholesale financial services contracts
This new report, a collaboration between the Association for Financial Markets in Europe (AFME) and Clifford Chance, gives guidance to businesses and other market participants, explaining the potential significant impact of Brexit on contractual relationships for financial services. With just over a year until the UK is due to leave the European Union, there remains uncertainty as to the future relationship and the nature of any transitional arrangements between the UK and EU27. Financial services firms have already developed plans to adapt to the likelihood of the UK leaving the Single Market to ensure that firms can continue to service their clients across Europe. The report provides answers to a number of “Frequently Asked Questions” highlighting potential operational and documentation impacts.
16 November 2017
Supporting Europe's Economies and Citizens
In this new report, 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.
The report was developed in collaboration with Clifford Chance and Global Counsel LLP and proposes an ambitious trade in services framework that would allow customers across Europe to continue to benefit from access to EU and UK banking and capital markets services.
26 October 2017
A Brexit transition period - wasting asset or business necessity?
The UK is due to leave the EU in March 2019 and it is now just over a month since Theresa May, the UK Prime Minister, sought to give new momentum to the Brexit negotiations and talked in Florence about the need for an implementation period so that businesses and public services only have to plan for one set of changes. Mark Poulton, Head of Corporate, London, discusses with Clifford Chance experts the timeline for achieving the proposed implementation or transition period, the legal challenges involved, the implications for trade and for multinational businesses outside the financial services sector more generally.
14 September 2017
EU proposal for screening of Foreign Direct Investments
The European Commission has presented proposed legislation that would create an EU framework for screening of foreign takeovers and investments on grounds of security and public policy.
The draft Regulation would allow the Commission to review (but not block) certain investments of "Union interest" and to issue a non-binding opinion to the member state in which the investment takes place. It would also clarify the scope of the issues that member states may take into account when applying their national screening regimes without falling foul of EU law, set certain common standards for those regimes and implement a system of cooperation and information exchange between member states and the Commission.
30 November 2016
Time to adapt: Achieving an orderly transition for banking
This report looks at why transition is needed and how transition arrangements may be structured to avoid a disorderly exit and deliver the most positive outcome for UK and EU27 citizens. It builds on the analysis in the August 2016 report 'UK exit from the EU: An orderly transition for banking'. The report was developed in collaboration with UK Finance and Global Counsel LLP and has since been supplemented by a second report "Time to adapt: Achieving an orderly transition for banking – an EU customer perspective", which looks in greater detail at the nature of the financial services supply chains.