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View the related checklists about European Union (Withdrawal Agreement) Act 2020

Arbitration—IP completion day—checklist [Archived]

Arbitration—IP completion day—checklist [Archived] ARCHIVED: This Checklist has been archived and is not maintained. This Checklist considers the impact of Brexit on commercial arbitration law and practice in England and Wales after IP completion day, ie the end of the transition or implementation period provided for in Article 126 of the Withdrawal Agreement 2020 which began on exit day (ie 11 pm on 31 January 2020, as defined in section 20 of the European Union (Withdrawal) Act 2018) and ends on IP completion day. IP completion day is defined as 31 December 2020 at 11 pm (pursuant to section 39 of the European Union (Withdrawal Agreement) Act 2020). On 24 December 2020, the European Commission and UK government announced an agreement in principle on the legal terms of the future EU-UK relationship. The Trade and Cooperation Agreement (TCA), and associated agreements, were agreed at the eleventh hour, leaving little time to put in place the necessary legal and practical arrangements to make the deal fully operational on 1 January...

Financial Services—Brexit—timeline [Archived]

Financial Services—Brexit—timeline [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained. On 23 June 2016, the UK held a referendum on its membership of the EU, with a majority voting in favour of the UK leaving the EU. On 29 March 2017, the UK Prime Minister gave formal notification of the UK’s intention to withdraw from the EU, commencing the withdrawal process under Article 50 TEU. This timeline sets out key events, publications, and the next steps on Brexit relevant to financial services firms. 2024 Date Details 31 January 2024 UK Government Document: Financial Services and Markets Act 2023 (Commencement No 5) Regulations 2024SI 2024/250: Certain provisions of the Financial Services and Markets Act 2023 (FSMA 2023) come into force partly on 1 March 2024, partly on 1 August 2024, and fully on 1 January 2025. 31 January 2024 UK Government Document: Data Reporting Services Regulations 2024SI 2024/107: These Regulations are made in exercise of legislative powers under the Financial Services and Markets Act 2023 (FSMA 2023) in...

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Retained EU law—flowchart [Archived]

Retained EU law—flowchart [Archived] ARCHIVED: This Flowchart has been archived and is not maintained. Retained EU law is a concept introduced by the European Union (Withdrawal) Act 2018 (EU(W)A 2018) in preparation for Brexit, creating a brand new category of domestic law. It is the collective term given to the body of EU-derived laws preserved and converted into domestic law under EU(W)A 2018 (as amended) at the end of the post-Brexit transition period (IP completion day). For background reading on the transition period, and what it means for retained EU law, see: In the context of Brexit, what is meant by the ‘transition or implementation period’? For further background reading the underlying legislation, see: • Practice Note: Brexit—key legislation explained • News Analysis: What does IP completion day mean for the status of EU law in the UK? What is retained EU law? Retained EU law is a complex and wide-ranging legal term, defined under EU(W)A 2018, as anything which continues to form part of domestic law on or after...

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Legal and regulatory developments in Equity Capital Markets 2019

Legal and regulatory developments in Equity Capital Markets 2019 Background and approach This review looks at legal and regulatory developments in the sphere of equity capital markets (ECM) in 2019 and forms part of our annual trend report which aims to provide insight into the current dynamics of ECM activity in the UK. The other parts of our 2019 trend report comprise: • IPOs in 2019—Main Market and AIM • Secondary Offers in 2019—Main Market and AIM • Standard listings in 2019 • Risk factor disclosure in 2019 IPOs Brexit The UK entered an implementation period on 31 January 2020 during which existing EU laws continue to apply to the UK. The listing, prospectus and transparency regimes that apply in the UK (and are largely derived from EU law) continue to apply in the implementation period in the same way as before Brexit. However, UK representatives will no longer be permitted to participate in EU institutions and other bodies. The Financial Conduct Authority (FCA) is therefore no longer...

Brexit—statutory audit [Archived]

Brexit—statutory audit [Archived] At 11pm UK time on 31 January 2020 (exit day), the United Kingdom left the European Union in accordance with a ratified Withdrawal Agreement between the UK and the EU. The UK is now regarded by the EU as a ‘third country’, ie it is a country that is not an EU Member State or a member of the European Free Trade Association (EFTA). During the implementation period (until 11pm UK time on 31 December 2020), the UK and the EU sought to negotiate and enter into an agreement that would govern their future relationship. The framework for a future relationship was set out in a political declaration, the terms of which were agreed at the same time as the Withdrawal Agreement. The EU–UK Trade and Cooperation Agreement (TCA), ie the post-Brexit trade deal between the UK and the EU, was finally agreed just days before IP completion day. Further to the agreement of the TCA, the European Union (Future Relationship) Bill was introduced...

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Retained EU law—training materials [Archived]

Retained EU law—training materials [Archived] ARCHIVED: This Precedent has been archived and is not maintained. These training materials consist of template PowerPoint slides that can be used as the basis of one or more training seminars providing an introduction to retained EU law. It is anticipated that those providing training will use these slides as a helpful starting point for their presentation(s) and amend them accordingly to reflect their particular area of practice. The training materials are customisable. Click the link below to download the presentation: Contents These training materials cover the following: • What is retained EU law? • How is retained EU law defined? • What do the relevant provisions say? • EU-derived domestic legislation • Direct EU legislation • Rights etc, recognised and available under European Communities Act 1972, s 2(1) • Retained case law • Summary of inclusions • Summary of exclusions • Publication • Tips for interpretation • Flowchart of points to consider when looking at retained EU law •...

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What are the rules on the interpretation of ambulatory and non-ambulatory references to EU-derived legislation in UK legislation post-Brexit?

What are the rules on the interpretation of ambulatory and non-ambulatory references to EU-derived legislation in UK legislation post-Brexit? This Q&A looks at the rules on the interpretation of ambulatory and non-ambulatory references to EU-derived legislation within UK legislation under the European Union (Withdrawal) Act 2018 (EU(W)A 2018). Meaning of ‘ambulatory’ and ‘non-ambulatory’ references A reference in legislation X to legislation Y is ‘ambulatory’ if the reference automatically updates every time legislation Y is amended. It is a question of interpretation whether the reference to legislation Y is ambulatory. For example, if the reference is to legislation Y ‘as amended from time to time’, that is a clear indication the reference is ambulatory. For further guidance, see Commentary: Incorporation by reference: Bennion, Bailey and Norbury on Statutory Interpretation [17.9]. Note that references in EU legislation are generally regarded as ambulatory (or ‘dynamic’, see page 52 of the EU legislative drafting guide). It is therefore likely that references in EU regulations incorporated into retained EU law by EU(W)A 2018,...

What is the Retained Recast Regulation on Insolvency?

What is the Retained Recast Regulation on Insolvency? European Union (Withdrawal Agreement) Act 2020 The European Union (Withdrawal Agreement) Act 2020 (the Act) was introduced to facilitate the ratification and implementation of the Withdrawal Agreement (31 Jan 2020) agreed in principle between the UK and the EU on 17 October 2019. For further details on the Withdrawal Agreement, see Practice Note: Brexit—introduction to the Withdrawal Agreement. The Act contains provisions on various matters, including the implementation period (the term used by the UK or transition period, the term used by the EU; these terms are used interchangeably, see Q&A: In the context of Brexit, what is meant by the ‘transition or implementation period’?). It incorporates several amendments to the European Union (Withdrawal) Act 2018 (EU(W)A 2018), particularly for the purpose of legislating for transition, deferring several provisions from exit day to the end of the implementation period. During the transition period/implementation period The provisions relating to insolvency are largely unchanged; Article 67(3)(c) of the Withdrawal Agreement (31...

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Denied boarding, and Brexit rules of engagement (Lipton v BA City Flyer Ltd)

Public Law analysis: In the case of Lipton v BA City Flyer Ltd, the Supreme Court gave guidance as to the interpretation of Regulation (EC) 261/2004 (almost universally (but not in the Supreme Court) known as ‘Denied Boarding Regulation’), and in doing so, set out a handy guide for practitioners on how to approach Eurolaw spanning the Brexit process. As such, the judgment is of interest not just to aviation specialists but to all practitioners grappling with law derived from the EC. Written by Sarah Prager KC, barrister at Deka Chambers.

Supreme Court finds Amazon’s US website targeted UK consumers, infringing UK and EU trade marks

The Supreme Court has dismissed Amazon’s appeal, finding that its US website targeted UK consumers by displaying the goods on its US website and showing them as available for shipment to the UK, which in turn infringed Lifestyle’s UK and EU trade marks. As a result, the injunction and order relating to an enquiry as to damages made by the Court of Appeal remain in place. Gina Lodge, partner at Temple Bright comments on the Supreme Court’s judgment highlighting the impact on rightsholders, who will be reassured by the decision.