Brexit News

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Vulcan View The latest EU developments – December 18, 2020

Cautious optimism takes over in final negotiation weeks European citizens and businesses may find some additional gifts under their Christmas trees this year if all works out. Not only is the European Medicines Agency set to approve the first COVID-19 vaccine for Europe on Monday, but EU and UK negotiators may finally be close to agreeing the post-Brexit trade relationship. After months of growing pessimism on both sides of the English Channel over whether chief negotiators Michel Barnier and David...

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Speech by Michel Barnier in plenary session of the European Parliament Today

Madame President, Ladies and Gentlemen, Thank you for this new opportunity to take stock of this very long and extraordinary negotiation that I have the honor to lead on behalf of the Commission and on your behalf for more than four years now. Together, with your Parliament and the Council, we have already succeeded in enabling an orderly withdrawal of the United Kingdom, as it wished. It is for this withdrawal agreement that Maroš Šefčovič has just spoken of,...

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Orrick | Brexit Privacy Guide: Five Things You (Might) Have to Think About Before 2021

With the end of the Brexit transition period rapidly approaching and the United Kingdom (UK) poised to become a “third country” after it leaves the European Union (EU), the UK and the EU have yet to reach any “deal” on how the transfer of personal data should be dealt with starting January 1, 2021. With the negotiations deep into their final phase, the advice from regulators, including the UK’s Information Commissioner’s Office (ICO), is that organisations should be taking...

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Vulcan View: The latest EU developments 7 December – 11 December

Brexit negotiators aim to salvage a deal by Sunday After the post-Brexit negotiations reached its latest impasse, all eyes were on UK Prime Minister Boris Johnson and President of the European Commission, Ursula von der Leyen to break the deadlock this week. No deal was struck, and the negotiators have been given until Sunday to find an accord. In a week of political leadership, a high-level political dinner was called on Wednesday night to discuss how best to resolve the ongoing Brexit...

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Arendt | Regulatory certainty for the investment fund industry in view of the forthcoming end of the transitional period under Brexit

In view of the departure of the United Kingdom from the EU on 1 February 2020 and the forthcoming end of the transitional period on 31 December 2020, the CSSF stated its expectations and rendered some clarifications through a press release published on 7 December 2020. 1) Termination of passporting rights The CSSF reminds market participants that passporting rights will be terminated as of 31 December 2020 at midnight and therefore be lost as of 1 January 2021. Passporting rights are...

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Relations with the UK: EU Commission proposes targeted contingency measures to prepare for possible “no-deal” scenario

While the Commission will continue to do its utmost to reach a mutually beneficial agreement with the UK, there is now significant uncertainty whether a deal will be in place on 1 January 2021. The European Commission has today put forward a set of targeted contingency measures ensuring basic reciprocal air and road connectivity between the EU and the UK, as well as allowing for the possibility of reciprocal fishing access by EU and UK vessels to each other's waters. The...

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Orrick | Brexit: the Italian legal framework on UK financial entities operating in Italy after the end of the transition period (December 31st, 2020)

Banks From January 1st, 2021, UK banks will qualify as non-EU banks and relative provisions will apply. Accordingly, UK banks shall be authorized by the Bank of Italy to operate in Italy, through a branch or on a cross-border basis. In addition, UK banks may also be authorized to provide investment services (Bank of Italy having consulted Consob): towards retail and professional on request clients, only if a branch is established; towards eligible counterparties and per se professional clients, also on a cross border basis. If...

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Joint statement by the co-chairs of the EU-UK Joint Committee re the Brexit Negotiations

The co-chairs of the EU-UK Joint Committee – European Commission Vice-President Maroš Šefčovič and the UK Chancellor of the Duchy of Lancaster, the Rt Hon Michael Gove – yesterday held a political meeting to address the outstanding issues related to the implementation of the Withdrawal Agreement. Ensuring that the Withdrawal Agreement, in particular the Protocol on Ireland and Northern Ireland, is fully operational at the end of the transition period, i.e. as of 1 January 2021, is essential. The...

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Loyens & Loeff | Brexit: Luxembourg regulator clarifies actions to be taken in view of the end of the transitional period on 31 December 2020

The CSSF issued a press release on 7 December 2020 on the management of Luxembourg AIFs by UK AIFMs and the marketing of UK UCITS and AIFs in Luxembourg. UK AIFMs or impacted funds must take certain actions by 31 December 2020 at the latest to the extent no action has been taken so far. Luxembourg investment funds managed by a UK AIFM should appoint an EU-27 manager in order to maintain the EU passporting rights. Under limited circumstances Luxembourg AIFs...

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British-European Relations Post-Brexit | A Legal Kaleidoscope: Competition Law & Regulation

Part of a virtual workshop held on 21 September 2020; and previously published in the Institute of European & Comparative Law at Oxford University | Introduction As a result of Brexit, the UK has ceased to be a member of the European Union (EU) competition law regime. The consequences are already being felt, and will become even stronger after the end of this year. The EU-wide competition law regime is unique. The regime includes a one-stop shop for reviewing mergers (a regime...

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