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Practices: Brexit

Brexit

Back to Experience

As we have reported previously, the result of the European Union referendum (Brexit) was announced on 24 June 2016 with a vote in favour of the United Kingdom exiting.

We have issued a series of Brexit updates since the date of the referendum and those can be found here on the Brown Rudnick website. Our latest update comments on (i) the Prime Minister’s letter to the EU on 29 March 2017 triggering Article 50, (ii) the Government’s White Paper setting out how it intends to repeal the European Communities Act 1972 by introducing the “Great Repeal Bill”, (iii) the EU’s planned three-phase approach to Brexit negotiations, and (iv) further committed inbound investment into the UK. For more detail, please click here.

It is now clear from the Prime Minister’s letter that the UK will not be seeking access to the EU Single Market and that the UK Parliament will vote on the final deal with the vote expected in early 2019 at the end of the two-year period under Article 50. As we have reported previously, the Prime Minister has also made it clear that any attempt by the Scottish First Minister, Nicola Sturgeon, to call a second referendum on Scottish Independence will not be permitted until Brexit has occurred. For more detail, please click here.

As has been the case since the date of the referendum, the main point to understand is that the referendum and the triggering of Article 50 do not produce any immediate legal consequences. For now, legally, nothing has changed. The UK is still a member of the EU having the same rights and obligations as before the referendum. This will not change until there is an actual departure from the EU, which is now set for 2019.

As before, it will still be some time before the terms of the UK's future relationship with the EU are determined. For now, uncertainty will continue to be the main theme for the foreseeable future until things are clearer in terms of the respective negotiating positions of the UK and the EU and how the process will play out in practice.

We will release a further update following the upcoming general election in the UK on 8 June 2017.

Where we can assist

In the blur of mega firms, Brown Rudnick stands out as a “global boutique” and has in place a multi-disciplinary, international Brexit Team. We are monitoring and analysing the consequences and considerations for businesses and are ready to advise on the potential legal implications of Brexit. The Brown Rudnick Brexit Team is available to advise on the issues across a broad range of sectors within our areas of expertise, including:

  • Anti-Trust
  • Capital Markets
  • Corporate and M&A
  • Corporate Crime
  • Cross-Border Transactions
  • Data Protection
  • Employment
  • Environmental
  • Family Offices
  • Financial Services
  • Funds
  • Intellectual Property
  • International Disputes
  • Life Sciences
  • Litigation and Arbitration
  • Real Estate
  • Restructuring and Insolvency
  • Tax

Contact Us

For immediate questions, please contact:

Mark Dorff
+44.20.7851.6005
mdorff@brownrudnick.com

Neil Micklethwaite
+44.20.7851.6086
nmicklethwaite@brownrudnick.com

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