On 24 June 2016 we learned that the outcome of the referendum is a vote for the UK to leave the EU. Our emergency seminar Brexit: the reality for Financial Services is now fully subscribed and our webinar (5 July 2016) Helping financial institutions deal with Brexit - perspectives from London and Frankfurt is proving extremely popular.
We would like to highlight the breadth of material available on our Brexit and EU reform page. This page is a valuable resource with a Brexit news feed updated daily as well as our latest reports on the subject.
Our most popular reports are:
- Brexit process: how would the UK withdraw from the EU?
- Brexit: an FS perspective on a post-Brexit relationship between the UK & EU
- Brexit: FS in the UK and cross-border passporting
Key publications following the announcement of the referendum result are the European Commission statement, FCA statement, Bank of England statement, Osborne's speech, Lord Hill's (EU Commissioner for FS and CMU) resignation and replacement, and PSR and Payments UK statements. Today, the focus turns to the European Parliament extraordinary plenary session and European Council summit. These topics will be addressed in our forthcoming seminars/webinars and ongoing RegZone reporting.
The most immediate issue is the dispute about triggering Article 50 (see the earlier RZ report on Brexit process). The UK government does not intend to give notice immediately but the EU is refusing any negotiations (even on an informal basis) before they receive legally binding notice. The UK has good reason not to do this at this point because it would trigger the two year period, after which the UK would automatically cease to be a member of the EU (irrespective of whether satisfactory agreements had been reached between the UK and the EU).