Uncertainty reigns following the UK's referendum result. Brexit is set to alter the economic and political landscapes irreversibly. With so many details in flux, Cooley will be on hand 24/7 to provide you with advice and insight as developments unfold.
State of flux
The formal process to leave the EU will only commence once the UK government serves notice under Article 50 of the Lisbon Treaty, triggering commencement of a two-year exit process. Until this process is complete, the UK remains an EU Member State. It is likely that the UK will try to negotiate a comprehensive free trade agreement during the two-year period. Informal negotiations may even commence before a formal exit notification, although the EU have indicated this is not their preferred approach. If at the end of that period negotiations are not completed, they will either be extended with the consent of all Member States or the UK will default to World Trade Organization membership. In addition, the UK will commence negotiations with other key trading countries – including the United States, Canada and China. These negotiations could take much longer.
Even after an exit from the EU, some or all of the EU law by which the UK is bound will still apply, either because it's been implemented using UK primary legislation, or because it's directly effective in the UK and the government is likely to make "saving legislation" as a way of keeping it, until parliament has had time to decide which laws to keep, and which to change, or repeal. On leaving the EU however and barring any negotiated arrangements between the UK and the EU, the UK will leave the EU single market and lose all the benefits that come with being in that single market, such as free trade on imports and exports, access to the passporting regime, unitary pan-European intellectual property rights and the free movement of people. We are recommending our clients plan for the changes and start to think about their implications in the future rather than the immediate concern that the law or regulation has immediately changed.
Cooley is making sure we keep you apprised of the latest developments as the epic shift takes form. Led by our London lawyers, our global teams are publishing blog posts and alerts covering the impacts on areas critical to our clients' business success. We are committed to reporting real-time updates on issues of importance for our client base, as and when the developments take place.
Below is a list of the various resources available. Our team is available to answer any questions you may have and is dedicated to providing clarity and resolution from the quagmire of politics and bureaucracy.
Financial Services blog