Locke Lord QuickStudy: Brexit: What You Need To Know

July 2016
Following the outcome of the recent referendum in the United Kingdom (the UK) and the subsequent continued political and economic turmoil, we await the full implications of Brexit and what this will really mean for businesses. However, this is likely to take some time given that Article 50 of the Treaty of Lisbon (Article 50) will not be triggered until Autumn 2016 (if, some commentators write, at all) hailing up to two years of complex negotiation between the UK and the European Union (the EU). Whilst the current position and lack of certainty is proving uncomfortable, it may well give rise to opportunity in the future. It is therefore essential that businesses take this time to consider both their current position as well as their future plans. Set out below are a number of points to consider in the coming months:

Our clients have historically engaged in mergers and acquisitions (M&A) activity as a means of creating value for shareholders by ‎capitalising on synergies, securing access to new markets and increasing market share in those ‎jurisdictions where they are already operating. read more

Real Estate
To an extent Real Estate law has largely remained unchanged by EU legislation over the years. Therefore, looking forward, the implications of Brexit are more likely to be commercial than legal. read more

As the intertwined laws of the UK and the EU are unravelled in the exit negotiations, changes to litigation seem inevitable. read more

Intellectual Property
Until the UK formally leaves the EU following the triggering of Article 50, there will be no immediate change to the intellectual property (IP) regime currently governing the UK. read more

Brexit has the potential to have a significant impact on UK employment law with many significant elements of UK employment law deriving from European Directives. read more

Insolvency / Restructuring
Some important areas of the UK insolvency law regime are impacted by the harmonisation and applicability of EU treaties, regulations, directives and court decisions: both directly (e.g., recognition of cross-border proceedings, interpretation of where an entity has its centre of main interest (COMI)) and indirectly (e.g., TUPE, use of schemes of arrangement). read more

Data Protection
Despite the potential Brexit, the long awaited General Data Protection Regulation (GDPR) which is due to come into force on May 25, 2018 remains relevant to the UK, as the UK is highly likely to still be a member state of the EU at the date on which the Regulation comes into force. read more

Financial Services
The loss of the ability to undertake business on a passport basis could be one of the most significant impacts on the financial services industry in the UK. read more

Cards and Payments
The payments industry is by and large a forward-looking and innovative sector. read more

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