Beyond Brexit

On 24 December 2020, the government of the United Kingdom (UK) and the European Union (EU) reached a Trade and Cooperation Agreement (the “Agreement”) in advance of the end of the Brexit transition period (11:00 p.m. GMT on 31 December 2020).

While the Agreement does not provide a solution for the provision of financial services between the UK and the EU, the Joint Declaration confirms that the UK and the EU will agree a framework for regulatory cooperation by March 2021 in order to facilitate mutual equivalence decisions in the future.

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The alert summarizes the Competition and Markets Authority (CMA) guidance on the expected changes to U.K. competition law regime in anticipation of the United Kingdom’s exit from the European Union on December 31 ("Brexit"). The guidance addresses the expected change to competition law regime only and does not cover the U.K.’s future relationship with the EU as it is outside of the remit of the CMA. Please find the link to alert.

On December 4, 2018, the Court of Justice of the European Union (CJEU) Advocate General opined that the United Kingdom could still prevent Brexit from happening by unilaterally revoking its Article 50 notification, provided that such revocation is (1) formally notified to the European Council, (2) was decided in accordance with the UK’s constitutional requirements and  (3) does not constitute an abusive practice. It is anticipated that the CJEU will confirm this view in a formal judgment before next Tuesday, when the U.K. House of Commons is expected to vote on the Withdrawal Agreement. This would raise the prospect of the U.K. Parliament voting to revoke its intention to leave the European Union, rather than be faced with a stark choice between Prime Minister May’s deal and leaving the European Union without a deal in place. Senior ministers say that it is the U.K. government, rather than the U.K. Parliament, that would have to decide to revoke Article 50. However, were a clear majority of Members of Parliament to support such a parliamentary motion, then presumably the government would have to reconsider. If so, then it is expected that another referendum will need to occur, which would in turn necessitate the EU27 agreeing to extend the two-year period beyond March 29 for at least a couple of months. While Prime Minister May is expected to lose the vote next Tuesday, many currently think that she should prevail on a second vote around January 21.

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(London) - Akin Gump is proud to have supported the ‘The BREXIT Divide’ debate which took place at BPP University Law School in London on Wednesday, April 19, 2017. Four of the leading Brexit voices in the UK came together to discuss where Brexit will lead the UK and whether there is common ground to be found for a united approach. Speakers included Ian Dunt, Iain Martin, Jolyon Maugham QC and Gisela Stuart MP. The panel was moderated by Professor Steve Peers. All proceeds are to go to the Billable Hour Appeal for Save the Children's work with child refugees.