The FMLC has also published a paper analysing issues of uncertainty arising in the context of Brexit, specifically in relation to English governing law and jurisdiction clauses in cross-border financial markets transactions and reliance on these clauses in international commercial litigation. The FMLC aims to identify and, where appropriate, suggest potential solutions to these issues and draws attention in particular to: (i) the possibility of reduced certainty and predictability if the rules on choice of law in the Regulation on the law applicable to contractual obligations and the Regulation on the law applicable to non-contractual obligations (were no longer to apply in the UK; and (ii) the mutual loss of advantages and protections that may be experienced by the courts and litigants of both the UK and EU member states, if UK participation in the conflict of laws framework reflected in the Recast Brussels Regulation is allowed to lapse as a result of the UK's withdrawal from the EU. The FMLC makes a number of recommendations in the paper to address these uncertainties.
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