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. As discussed in more detail in our most recent update from 17 March 2017, the European Union (Notification of Withdrawal) Bill 2016-17 was passed by Parliament on 13 March 2017 and received royal assent on 16 March. Prime Minister Theresa May is now therefore free to trigger Article 50, which is expected to occur in the week commencing 27 March, at which point formal Brexit negotiations will commence. For more detail, please click here.
The Prime Minister has announced previously that the UK will come out of 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. For more detail, please click here. Mrs May has also now 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.
As has been the case since the date of the referendum, the main point to understand is that the referendum itself does not trigger any 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 at this point, is not likely to happen before 2019 at the very soonest.
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.
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:
- Capital Markets
- Corporate and M&A
- Corporate Crime
- Cross-Border Transactions
- Data Protection
- Family Offices
- Financial Services
- Intellectual Property
- International Disputes
- Life Sciences
- Litigation and Arbitration
- Real Estate
- Restructuring and Insolvency
For immediate questions, please contact: