I woke up Friday morning, June 24 in Dubrovnik, Croatia looking forward to a day of meetings and work sessions at the annual meeting of the European Communities Trademark Association (ECTA).
The news came on and I was surprised to hear that the vote on the referendum on whether the UK would remain a member of or leave the EU had been tabulated and that by a vote of 52-48% the UK voters had decided to exit the EU.
Prime Minister David Cameron and his wife appeared outside 10 Downing St. and announced to reporters that the vote was irreversible and that he would resign in approximately three months during which he would try to stabilize the stock market and the British economy.
In speaking with British trademark practitioners during the day Friday I learned that there would be no immediate crisis or cause for alarm since Britain's exit from the community would take at least two years and possibly longer. In the meantime, all existing trademark rights will stay in place during the negotiation of post – Brexit trading terms. In terms of timing, under article 50 of the Lisbon Treaty, the UK will notify the European Council of its intention to withdraw from the European Union probably at some point this fall which will trigger the negotiation period during which the European Union laws will continue to apply in the UK.
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