The FMLC’s first Brexit-related paper—entitled Issues of Legal Uncertainty Arising in the Context of the Withdrawal of the U.K. from the E.U.—the Application of English Law, the Jurisdiction of English Courts and the Enforcement of English Judgment—was published.
The paper addresses issues of legal uncertainty likely to arise in the context of cross-border commercial litigation in consequence of Brexit. It examines the situation with regard to choice of law clauses in financial markets contracts and concludes that contractual continuity would be enhanced by the preservation of the current rules following Brexit.
The paper also attempts to address the question of jurisdiction, especially regarding the jurisdiction of English courts under an English choice-of-court agreement, the application of English law and the enforcement of English judgments, which may pose greater problems of legal uncertainty arising from Brexit. By way of solution, the paper analyses the consequences of replacing existing E.U. instruments in the U.K. by a new conflict of laws agreement with the E.U. or a new accession to existing international conflict of laws instruments.