On 23 June 2016, the United Kingdom took the unprecedented
decision to leave the European Union. It is a matter of regret for
most Irish businesses that this decision has been made and like
most professional services firms, we at Walkers had hoped for a
different outcome to the Brexit referendum.
As its closest neighbour and the member state with the deepest political, social and economic ties, Ireland is perhaps the most exposed Member State of the remaining 27 to any market turmoil arising out of the referendum. However, as the only native English speaking, common law jurisdiction remaining within the EU, Ireland is also uniquely placed to benefit from some opportunities that will arise, particularly in the financial services industry.
The next step to the UK's departure will be taken when Westminster notifies the European Council under Article 50 of the Lisbon Treaty of the UK's intention to leave the EU. At that point the UK will have a maximum of 2 years remaining as a member of the EU, unless the remaining 27 members unanimously agree to extend the deadline. The notice, once delivered, is irrevocable.
Faced with this reality, we have considered the potential impact of Brexit on our clients and how we at Walkers can assist with your post-Brexit strategy.
Below you will find a link to a client advisory in respect of several of our practice areas.
- Asset Finance
- Insurance Linked Securities
- Investment Funds
- Listing services
- Regulation of Financial Service Providers
- Regulation of MiFID firms
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.