On Thursday 23 June 2016, the United Kingdom voted to leave the European Union. On 29 March 2017, HM Government notified the E.U. of the decision to withdraw under Article 50 of the Treaty on European Union, and has begun to negotiate a withdrawal agreement that will structure their future relationship.
Areas of legal uncertainty of relevance to the wholesale financial markets have emerged during this process. This page contains information about the FMLC's work to identify and analyse the legal issues resulting from Brexit—including updates from the High-Level Advisory Group set up to advise the Committee on its Brexit-related work—and links to relevant presentations and publications. Announcements and reports are arranged in a timeline for eays access; click here for an uncurated list of all FMLC content related to Brexit.
Brexit: where we are now
The next stage of the Brexit process is anticipated to be the publication of [draft] statutory instruments by HM Government under the powers conferred to it by the European Union (Withdrawal) Bill (once enacted) to enable the proper functioning of E.U. laws which have been transposed into the U.K. statute book (including any corrections to laws that would otherwise no longer operate appropriately once the U.K. has left the E.U.) It has been announced that a significant volume of secondary legislation will be published by HM Treasury in relation to the financial services and, as the end of the Article 50 notice period rapidly approaches, the timeline for any comment or consultation on these drafts is likely to be compressed.
As HM Government undertakes this substantial task over the next few months, the FMLC stands ready to respond speedily to any legal uncertainties which might arise. In its meeting on 31 May 2018, the Committee resolved to meet on an ad hoc basis—in addition to its scheduled bimonthly meetings—should the volume of the draft statutory instruments and gravity of the legal complexities require the Committee’s full attention. The FMLC is committed to ensuring legal certainty for the financial markets through and after the Brexit process and is keen to hear from market participants or representatives of HM Government where its contributions might have most impact.
To draw the Committee’s attention to an issue of legal uncertainty, please write to the Secretariat.