Shearman & Sterling Hosts Conference Call on Brexit: Now What?
On June 24, it was announced that the UK public voted to leave the European Union. There will now be a negotiation of a new relationship between the UK and Europe. The fact of the vote itself has no legal effect on the laws of the UK or EU. The UK will remain a member of the EU until there is either an agreement to exit or expiry of a two-year period after issuance of a formal notice of exit by the UK government. That notice, when served, triggers a negotiation period of up to two years during which time the current EU laws continue to apply in the UK. The UK will lose some of its rights to participate in EU political processes during this period.
Shearman & Sterling hosted a conference call on June 24 led by Barney Reynolds, Thomas Donegan and Kolja Stehl to examine the impact of this historic decision and discuss the key issues and consequences. With a wealth of experience in financial regulatory matters, these lawyers provided insights on a wide range of pertinent issues, including the following:
Process for exiting the EU, including the expected timeframe
UK domestic political process and legal measures ahead
EU political process and legal measures ahead
Impact on EU financial services legislation across different sectors (e.g. MiFID II, EMIR, CRD IV, AIFMD)