Brexit—the UK corporate governance regime [Archived]

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Practice notes

Brexit

Brexit—the UK corporate governance regime [Archived]

Published by a ��˾��ҹ�� Corporate expert

Practice notes

Brexit

This archived Practice Note looked at the impact of Brexit on the UK Corporate governance regime. It has not been maintained since May 2022.

At 11pm (GMT) 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. From this point, the UK was regarded by the EU as a ‘third country’, ie a country that is not an EU Member State or a member of the European Free Trade Association (EFTA).

Under the Withdrawal Agreement, the UK remained bound by existing and new EU laws and subject to the jurisdiction of the Court of Justice of the European Union for a transition period (referred to in the UK as the implementation period) following exit day. However, it was no longer a member of the political institutions or Governance structures of the EU. The implementation period ended at 11pm (GMT) on 31 December 2020 (IP completion day).

On 24 December 2020, the UK and the EU announced they had agreed a

Jurisdiction(s):

United Kingdom

Key definition:

Brexit definition

What does Brexit mean?

means: (a) the United Kingdom (UK) ceasing to be a member state of the European Union (EU) and/or the European Economic Area (EEA) on exit day; and/or (b) the commencement, end of[ or variation in] any transitional, trading or other arrangements from time to time between: (i) the UK and the EU and/or EEA (including during any implementation period and IP Completion Day); and/or (ii) the UK and any other country, group of countries, international organisation, bloc or body (including the World Trade Organization) in contemplation of or (directly or indirectly) in connection with the UK’s said cessation of membership;

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