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.  The Committee has published a number of research papers and correspondence with HM Government regarding aspects of the U.K.’s withdrawal from the E.U.  Publications on the topic range from in-depth pieces examining the general impact of Brexit on the functioning of the financial markets as well as responses to HM Government’s preparations towards an orderly Brexit.

Announcements and reports are arranged in a timeline for easy access; click here for an uncurated list of all FMLC content related to Brexit.

To draw the Committee’s attention to an issue of legal uncertainty, please write to the Secretariat.

Brexit research/analysis timeline

2017
January 31

Response to a call from the Treasury Select Committee

The FMLC responded to a call for written submissions by the Treasury Select Committee on transitional arrangements between the U.K. and E.U. in the event of Brexit.  Upon Brexit, the U.K...Read More
January 31

Brexit: Shape & Impact Presentation

FMLC CEO Joanna Perkins presented at an event organised by the Université Pantheon Sorbonne on the topic of the U.K.’s impending withdrawal from the E.U.  The presentation contains an overview of various models for the future..Read More
2016
December 30

Beginning a paper on Third Country Regimes

The FMLC resolved to undertake work with a view to producing a paper on equivalence and similar third country regimes in European financial services regulation. In keeping with the FMLC’s..Read More
December 2

First Brexit report published

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..Read More
October 26

Brexit: Transition & Standstill

The FMLC’s High Level Advisory Group on Brexit met to discuss the future direction of the FMLC’s work on issues relating to the U.K.’s secession from the European Union. In..Read More
October 20

E.U. Insolvency Law Working Group

The FMLC established a working group to consider issues relating to applicable law, jurisdiction and recognition that hinge on the fate of the EC Regulation on Insolvency Proceedings (including as..Read More
September 22

Governing Law/Jurisdiction Working Group

The FMLC established a working group on English governing law and jurisdiction in commercial transactions and litigations. Professor Trevor Hartley of the London School of Economics chairs the working group...Read More
July 26

A High Level Advisory Group

A High Level Advisory Group on Brexit was convened by the FMLC Secretariat to offer guidance to the FMLC.   At the inaugural meeting, the Advisory Group made the following..Read More
July 20

After the Referendum…

The FMLC Secretariat explored the various relationship structures on which the U.K. might model its future relationship with the E.U.