24 Jun
Chapter News

European Investment Bank statement following UK referendum on EU membership

Statement by Werner Hoyer, President of the EIB: “Today is a very sad day for Europe. As President of the European Investment Bank, I take note of the UK vote with the deepest regret, although of course the Bank will work with Member States and other EU institutions to assure an orderly transition to a new negotiated arrangement according to the Treaty. For the first time since the beginning of European integration after the war a country decided to reverse its...

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24 Jun
Member News

Brexit Checklists: What you need to know

Below a few checklists cover a broad range of industry areas to guide you through what a Brexit could really mean for your business. EACCNY Member CMS will continue to provide you with insight and information on key areas such as financial services, energy and corporate as well as competition. Please visit the Brexit Special Section back to find updated content as developments emerge. Please use the navigation to view our full collection of checklists. All checklists as PDF Banking Employment IPF Real Estate Competition Energy Lifesciences Taxation Construction Financial Services Pensions Energy in CEE Corporate Health...

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24 Jun
Chapter News

Statement by Prime Minister David Cameron on the outcome of the referendum on the UK’s membership of the European Union.

The country has just taken part in a giant democratic exercise – perhaps the biggest in our history. Over 33 million people – from England, Scotland, Wales, Northern Ireland and Gibraltar – have all had their say. We should be proud of the fact that in these islands we trust the people with these big decisions. We not only have a parliamentary democracy, but on questions about the arrangements for how we are governed, there are times when it is right...

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24 Jun
Chapter News

With Brexit London will lose business as a global financial centre

There are multiple sub-scenarios in the aftermath of a No vote on June 23. In almost all of them, however, London would lose business as a global financial center. Part of its unmatched position as a hub for international financial services is linked to its membership of the European Union and corresponding access to the EU internal market. Non-European banks, especially US ones, use London as a beachhead into the single market, and many euro-area banks centralize their EU...

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24 Jun
Member News

GBP falls 12% as Brexit becomes reality

UK votes for Brexit. PM Cameron resigns GBP/USD falls 18 figures to its lowest level since 1985 before recovering Global equity markets slump. Eurostoxx falls more than 10% - hits lowest level since 2013 What has happened? The UK referendum decision to leave the EU had a huge impact on markets overnight, in part because markets were almost fully pricing in a vote to “Remain”. GBP fell very sharply, with the JPY and the USD the main beneficiaries. Initially GBP/USD fell to 1.3240 from...

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24 Jun
Chapter News

Statement by the President of the United States on the UK Referendum

The people of the United Kingdom have spoken, and we respect their decision. The special relationship between the United States and the United Kingdom is enduring, and the United Kingdom’s membership in NATO remains a vital cornerstone of U.S. foreign, security, and economic policy. So too is our relationship with the European Union, which has done so much to promote stability, stimulate economic growth, and foster the spread of democratic values and ideals across the continent and beyond. The...

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24 Jun
Chapter News

Statement by High Representative/Vice-President Federica Mogherini on the outcome of the referendum in the United Kingdom

The British citizens have made their choice to leave our Union. However much we regret this decision, we respect it. The challenges we are facing are too pressing for us to afford any institutional uncertainty. This is why we will move forward on the basis of our shared values and interests and why we will keep working for the security and the well-being of our citizens, for the inclusiveness and the resilience of our societies, and for a more just...

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24 Jun
Member News

Brexit – Legal Implications for Irish Business

The United Kingdom has voted to withdraw from the European Union. The A&L Goodbody team of experts (both ROI and NI) has closely monitored the Brexit debate and has summarised the legal implications for businesses and investors in Ireland and Northern Ireland. In this update, we outline the likely withdrawal procedure, together with some suggestions as to how businesses with UK trading relationships and/or operations might begin to assess the legal consequences of Brexit for them. While Brexit will have immediate and...

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24 Jun
Chapter News

Joint statement on the outcome of the United Kingdom referendum

Joint statement by Donald Tusk, President of the European Council, Martin Schulz, President of the European Parliament, Mark Rutte, holder of the rotating Presidency of the Council of the EU, and Jean-Claude Juncker, President of the European Commission, on the outcome of the United Kingdom referendum President Tusk, President Schulz and Prime Minister Rutte met this morning in Brussels upon the invitation of European Commission President Juncker. They discussed the outcome of the United Kingdom referendum and made the following...

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24 Jun
Member News

What the Brexit means for your business

The Brexit has implications for organisations active in the Benelux. To give a quick overview of these implications, we have formulated FAQ's for various practice areas.  General 1. What is the background of the 23 June 2016 referendum? During the Conservative campaign for the 2015 UK general elections, Prime Minister David Cameron promised that, if the Conservative Party were to win these elections, he would negotiate a settlement with the EU on issues of concern for the UK and submit that settlement...

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