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Today our updated
Brexit Legal Guide was released. Below is a message from our
Chair and Senior Partner
James Palmer which accompanied the updated guide.
Dear clients and professional colleagues,
The outcome of the June 2016 UK referendum on EU membership
ushered in a period of increasing political turmoil in the UK. When
I wrote an introduction to the first edition of this legal guide my
colleagues and I had a clear view that leaving the EU would take
far longer and be far more complex than most other commentators
were saying, but I did not anticipate then that over three years
later we would have so little clarity on the UK and EU's long
term relationship with each other. Nor that polarisation of views
on all sides would have increased still further, leading to
political deadlock.
This updated Brexit Legal Guide addresses the legal position if
the UK leaves the EU with or without a deal and picks out the key
pieces of legislation that will soon be in force if the UK leaves
the EU without a deal. I hope you will find it useful.
Throughout the Brexit process our team at Herbert Smith
Freehills have worked across our firm to help clients in all
markets and parts of the world in preparing for this major change.
For those who had to make significant changes in order to continue
to carry on business in the EU, particularly financial
institutions, many of these changes were made in time for the
original leaving date of March 29th this year. Across a range of
sectors, clients have set up new subsidiaries, acquired new
regulatory approvals in the EU or the UK, prepared for changed
distribution channels and sought to protect their people working
across countries. For businesses that trade in goods between the UK
and the EU, however, although careful plans have been laid, the
time of testing will not come until the rules at the frontiers and
within the EU and the UK actually change – this could be at
the end of next month or potentially as late as the end of
2022.
At the time of writing, the Government in the UK has lost its
parliamentary majority and Brexit is dominating the political
context, driving out other factors which of course may also be
relevant if, as seems likely,
a general election is held within the next couple of months.
The political situation is so fluid that anything I say about the
options to resolve the crisis, and how they may affect the timing
and nature of Brexit, is likely to be out of date by the time this
message goes out. We are all experiencing unusually uncertain
times.
What I can say, is that we have worked in depth across our
practice from offices across Europe, Asia and around the world, as
well as from the UK, to help clients across sectors on a wide range
of Brexit issues since before the 2016 referendum. Our
differentiating expertise has been recognised both by external
commentators and by our close involvement in working with
governments and regulators to develop solutions to Brexit related
challenges for businesses. Our long tradition of involvement at the
interface of law and public policy development is one to which we
remain committed.
If you would like to discuss specific arrangements for support
through the risk of a no-deal exit or on dispute risks that may
arise, or on any other questions or challenges you have, please do
contact your regular Herbert Smith Freehills relationship contacts,
or otherwise any of our experts listed
here.
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.
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