The referendum in the UK on 23rd June 2016 was held to decide
whether the UK should leave or remain in the European Union
The decision and its ramifications have been widely reported and
commented upon. England and Wales voted strongly to leave whereas
both Scotland and Northern Ireland backed remaining in the EU.
Overall the 'Leave' campaign won the decision by 52% to
Immediately following the announcement of the result, the UK
Prime Minister declared his intention to resign in the coming
months, most likely in advance of the Conservative Party conference
to be held in October. The likely identity of the Prime
Minister's successor is a topic of extensive debate.
Given the close outcome of the referendum, some commentators
have doubted the precise extent of the mandate given by the result,
however the attention of most is upon the required decision by the
Prime Minister of the UK (or most likely his successor) to now
invoke Article 50 of the Treaty of Lisbon, the formal mechanism by
which the UK will initiate the departure proceedings. The UK's
departure has not yet been initiated by way of formal notice to the
EU and there is considerable debate regarding when that will
happen, the timing of which is not prescribed by Article 50.
Once invoked, Article 50 allows for a period of up to two years
for the UK representatives and their EU counterparts to negotiate
and complete the terms of the UK's departure. During this time
the UK would not be able to participate in any EU decision making
and the departure terms would need to be approved by all 27
remaining member states and the European Parliament.
The Cayman Islands are a British Overseas Territory. Whilst EU
laws do not apply directly in the Cayman Islands, the outcome of
the referendum has been closely watched by the public in the
Islands and the implications of the UK's departure from the EU
are clearly of great interest to both the political and financial
services communities. The laws of the Cayman Islands remain
unaffected by the decision in the referendum and there has been no
effect upon the relationship between the UK and the Cayman
For additional EU-specific commentary on the referendum and its
potential effect please see the link below.
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