Brexit News

Brexit News, Chapter News

Remarks by President Charles Michel following the first working session of the European Council

Statements and remarks by President Charles Michel | 15 October 2020 First of all I would like to apologise for the absence of the President of the European Commission. At the beginning of the meeting she was informed that a person considered a ‘close contact’ had tested positive. She herself tested negative today. Nevertheless, in accordance with the national rules, she has decided to self-isolate. We have had the opportunity today to hold a debate as planned on the future relationship...

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Osborne Clarke | Final push on Brexit!

Not everyone realizes that, in a formal sense, Brexit has actually already happened – with effect from midnight (European time) on 31 January 2020 the UK ceased to be a member of the European Union. However you will be forgiven for not noticing much difference because with immediate effect the UK entered into the transition period which runs until 11 pm UK time on 31 December 2020. The UK and EU continue to negotiate an agreement on the future...

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Stephenson Harwood | The UK Internal Market Bill: the clash over State aid

With the publication of its Internal Market Bill on 9 September 2020, the UK government has set itself on a potentially irreconcilable collision course with the EU over the issue of State aid. Indeed, this move is less a shot across the bows as it is a coach and horses driven through the current negotiations with the EU on an EU-UK free trade agreement ("FTA"), which are at a particularly delicate stage given that the Brexit transition period expires...

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Banque de France | Brexit, Digital Payments, Seize the Day

Published on 10/07/2020 19:00 in Banque de France | Speech - François Villeroy de Galhau, Paris Europlace International Financial Forum | Ladies and Gentlemen, It is my pleasure to conclude this Europlace International Financial Forum, and to congratulate Chairman Augustin de Romanet and his team for having overcome all obstacles. Today, Paris is, thanks to you, a financial capital of Europe…. and it is more than a short-lived satisfaction, it is a lasting and collective success. The title of today’s session...

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Littler | Brexit and Immigration – How do the rights of overseas workers change at the end of 2020?

With the Brexit transitional period coming to a close, and given the frequent movement of workers of all nationalities across the EU, many UK employers have questions about regulations governing work authorizations for their employees. This GQ|Littler article summarizes the new immigration system, which will apply to both EU and Non-EU Nationals in the same way from 1 January 2021. See below, which compares the applicable rules and identifies where action is required. Image courtesy of GQ Littler. From 1 January 2021 a...

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Vulcan Insight | European Commission launches legal proceedings against UK

European Commission President Ursula von der Leyen on Thursday morning announced that the Commission had sent a so-called letter of formal notice to the UK Government over the UK Internal Market Bill’s alleged breach of the EU-UK Withdrawal Agreement. Thursday’s announcement comes after Commission Vice-President Maroš Šefčovič, on 10 September, called on the UK Government to remove a number of contentious clauses from the Government’s UK Internal Market Bill by the end of September at the latest. Failure to do...

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Press statement by Vice-President Maroš Šefčovič following the third meeting of the EU-UK Joint Committee

Statement by Vice-President Maroš Šefčovič | 28 September 2020 | Brussels Good afternoon everyone! We have just concluded our third meeting of the Joint Committee on the implementation and application of the Withdrawal Agreement. Our main message was on the much-needed acceleration of the implementation work to prepare for the 1st January 2021 and on the need to ensure a full, timely and effective implementation of the Withdrawal Agreement. Much work remains to be done before the transition period ends in...

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ESMA updates statements on the impact of Brexit on MIFID II/MIFIR and the benchmarks regulation

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has updated two statements on its approach to the application of key provisions of MiFID II/MiFIR and the Benchmark Regulation (BMR). The Impact of Brexit on MiFID II/MiFIR The Impact of Brexit on the BMR Today’s statements update previous ones issued in March 2019 and October 2019 reflecting ESMA’s approach, should the UK have left the EU under a no-deal Brexit. However, as the Withdrawal Agreement entered into force on 1...

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Withdrawal Agreement: European Commission sends letter of formal notice to the United Kingdom for breach of its obligations

The European Commission has today sent the United Kingdom a letter of formal notice for breaching its obligations under the Withdrawal Agreement. This marks the beginning of a formal infringement process against the United Kingdom. It has one month to reply to today's letter. Article 5 of the Withdrawal Agreement states that the European Union and the United Kingdom must take all appropriate measures to ensure the fulfilment of the obligations arising from the Withdrawal Agreement, and that they must...

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Financial stability: EU Commission adopts time-limited decision giving market participants the time needed to reduce exposure to UK central counterparties (CCPs)

The European Commission has today adopted a time-limited decision to give financial market participants 18 months to reduce their exposure to UK central counterparties (CCPs). A CCP is an entity that reduces systemic risk and enhances financial stability by standing between the two counterparties in a derivatives contract (i.e. acting as buyer to the seller and seller to the buyer of risk). A CCP's main purpose is to manage the risk that could arise if one of the counterparties defaults...

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