Brexit Definition

GLOSSARY

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What does Brexit mean?

means: (a) the United Kingdom (UK) ceasing to be a member state of the European Union (EU) and/or the European Economic Area (EEA) on exit day; and/or (b) the commencement, end of[ or variation in] any transitional, trading or other arrangements from time to time between: (i) the UK and the EU and/or EEA (including during any implementation period and IP Completion Day); and/or (ii) the UK and any other country, group of countries, international organisation, bloc or body (including the World Trade Organization) in contemplation of or (directly or indirectly) in connection with the UK’s said cessation of membership;

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EU and UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived]

EU and UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained. For UK developments see: AML/CTF/CPF—timeline of UK legal and regulatory developments for financial services. For EU developments see: AML/CTF/CPF—timeline of EU legal and regulatory developments for financial services. This timeline outlines the developments in relation to the Wire Transfer Regulation (Regulation (EU) 2015/847) (also known as the Funds Transfer Regulation (FTR)), its predecessor the Wire Transfer Regulation (Regulation (EU) 1781/2006) and the Recast EU WTR2 (also referred to as the Recast EU Transfer of Funds Regulation (EU FTR2)) which entered into force in June 2023 and applies from 30 December 2024 and forms part of the wider European Commission 2021 legislative package overhauling the European Union’s AML/CTF legal framework and regulatory requirements. It further includes the onshoring of EU WTR2 through the Retained Regulation (EU) 2015/847 (UK WTR2) and relevant updates brought in through the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017,...

Governing law and jurisdiction clauses in commercial contracts―checklist

Governing law and jurisdiction clauses in commercial contracts―checklist This Checklist of resources sets out some of the issues when considering governing law and jurisdiction in the context of commercial contracts. Governing law and jurisdiction clauses are categorised as boilerplate clauses in an agreement. For more information on boilerplate clauses, see: Boilerplate clauses—overview. For details about the role of boilerplate clauses and approaches to reviewing and drafting common boilerplate clauses, see Practice Note: The role of boilerplate. A governing law clause (also known as an applicable law clause) is used to allow the parties to specify the substantive law that will apply to the interpretation of an agreement and, in the event of a dispute, in relation to it. For an example of a governing law clause, see Precedent: Governing law clause. The applicable law clause in a contract will usually be set out alongside a jurisdiction clause. It is important to note that jurisdiction and governing law are separate issues. A jurisdiction clause is necessary to allow the parties to...

Retained EU Law (Revocation and Reform) Act 2023 sifting process—flowchart

Retained EU Law (Revocation and Reform) Act 2023 sifting process—flowchart The Retained EU Law (Revocation and Reform) Act 2023 (REUL(RR)A 2023) contains a range of legislative powers, enabling relevant national authorities to reform retained EU law (REUL) by introducing secondary legislation to amend, revoke, restate and/or replace REUL and assimilated law. The main legislative powers are set out in REUL(RR)A 2023, ss 11–16. The main procedural requirements (including parliamentary scrutiny procedures) for these instruments are set out in REUL(RR)A 2023, s 20 and Schs 4–5. REUL(RR)A 2023 sifting process—background Under REUL(RR)A 2023, before certain statutory instruments (described here as ‘REUL reform SIs’) are formally laid in Parliament, they have to go through a preliminary sifting process to confirm the appropriate parliamentary procedure. The sifting process is outlined in REUL(RR)A 2023, Sch 5 Pt 2, para 6. Under this process, where a minister wishes to introduce a REUL reform SI subject to sifting using the negative procedure (whereby instruments are laid in Parliament after being made and become law without debate, unless...

Retained EU law—flowchart [Archived]

Retained EU law—flowchart [Archived] ARCHIVED: This Flowchart has been archived and is not maintained. Retained EU law is a concept introduced by the European Union (Withdrawal) Act 2018 (EU(W)A 2018) in preparation for Brexit, creating a brand new category of domestic law. It is the collective term given to the body of EU-derived laws preserved and converted into domestic law under EU(W)A 2018 (as amended) at the end of the post-Brexit transition period (IP completion day). For background reading on the transition period, and what it means for retained EU law, see: In the context of Brexit, what is meant by the ‘transition or implementation period’? For further background reading the underlying legislation, see: • Practice Note: Brexit—key legislation explained • News Analysis: What does IP completion day mean for the status of EU law in the UK? What is retained EU law? Retained EU law is a complex and wide-ranging legal term, defined under EU(W)A 2018, as anything which continues to form part of domestic law on or after...

UK and Community design right threats—pre 1 October 2017 [Archived]

UK and Community design right threats—pre 1 October 2017 [Archived] As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance, see Practice Note: Brexit—IP rights. ARCHIVED: This Practice Note has been archived and is not maintained. This Practice Note sets out the law of unjustified threats of UK and Community design right infringement prior to its amendment by the Intellectual Property (Unjustified Threats) Act 2017 (IP(UT)A 2017). Communications made prior to 1 October 2017 continue to be governed by the old regime in respect of patents, trade marks and designs, as appropriate. All references in this Practice Note to the Copyright, Designs and Patents Act 1988, the Registered Designs Act 1949, and the Community Design Regulations 2005, are references to the legislation as it...

Electronic communications: Universal Service Directive [Archived]

Electronic communications: Universal Service Directive [Archived] ARCHIVED: This Practice Note has been archived and is not maintained. This Practice Note relates to Directive 2002/22/EC of the European Parliament and of the Council of 7 March 2002 on universal service and users' rights relating to electronic communications networks and services as amended by Directive 2009/136/EC (Universal Service Directive). It is part of a series of Practice Notes on core elements of the EU regulatory framework for electronic communications. In the EU, the provision of electronic communications networks and services in each Member State is governed by a common regulatory framework which originally comprised five directives (the Framework). The objective of the Framework was to establish a harmonised framework for the regulation of electronic communications networks and services throughout the EU. In December 2018, Directive (EU) 2018/1972 establishing the European Electronic Communications Code (Recast) (the European Electronic Communications Code) was published in the Official Journal of the EU and came into force three days after publication. The European Electronic Communications Code...

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Brexit definition

Brexit means: (a) the United K

Environmental clauses for a facility agreement

Produced in partnership with DLA Piper UK LLP [ These clauses are intended for insertion in a Facility Agreement relating to the operation of a business, which involves the occupation of use of properties. It accordingly assumes the definition of terms which would typically be included in such an agreement, such as ‘Agent’, ‘Business’, ‘Event of Default’, ‘Finance Party’, ‘Legal Due Diligence Report’, ‘Material Adverse Effect’, ‘Obligor’ and ‘Property’.] Brexit impact As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this content. For further guidance, see Practice Note: Brexit—impact on environmental law and News Analysis: Brexit Bulletin—key updates, research tips and...

Dive into our 34 Precedents related to Brexit

How might the European Commission proposal for new conflict of law rules for assigned claims impact the secondary loan market?

How might the European Commission proposal for new conflict of law rules for assigned claims impact the secondary loan market? Summary This Q&A refers to the European Commission’s proposal for a Regulation on the law applicable to the third-party effects of assignments (the Proposal) published on 12th March 2018, which could have an impact on the market for trading participations in syndicated and bilateral loans. Both of the Loan Market Association (LMA) and the City of London Law Society made representations asking for the Proposal to be shelved or at least amended to accommodate current market practice in the secondary loan market. Their representations are available on their respective websites. It is fair to say that in its original form the Proposal would have disrupted the secondary loan market by making due diligence on the part of a buyer much more complicated for the reasons given below. The UK indicated on 9 July 2018, shortly after publication of this Q&A, that it would not opt in...

Where child maintenance is currently payable under the statutory scheme, but the parent with care intends to move with the child to another EU country, can the courts in England and Wales make an order for maintenance prior to the relocation for both maintenance and school fees and would that order be enforceable after the relocation? Will the position be different if the UK leaves the EU?

Where child maintenance is currently payable under the statutory scheme, but the parent with care intends to move with the child to another EU country, can the courts in England and Wales make an order for maintenance prior to the relocation for both maintenance and school fees and would that order be enforceable after the relocation? Will the position be different if the UK leaves the EU? Child maintenance is, as a general rule, governed by the Child Maintenance Service (CMS) and the court does not have jurisdiction to make any order in relation to this, save in certain circumstances. This is set out in section 8 of the Child Support Act 1991 (CSA 1991), which provides that: ‘(1) This subsection applies in any case where a child support officer would have jurisdiction to make a maintenance assessment with respect to a qualifying child and an absent parent of his on an application duly made by a person entitled to apply for such an assessment with...

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Can Romania escape its arbitral award catch-22

Law360: On 2 October 2024, the European Union General Court upheld a decision by the European Commission prohibiting Romania from paying a €178m award from the International Centre for Settlement of Investment Disputes in favour of the Micula brothers.

Justice Committee conducts pre-appointment hearing for proposed IMA Chair

The House of Commons Justice Committee held a pre-appointment hearing for Nicole Lappin, the government's preferred candidate for Chair of the Independent Monitoring Authority for the Citizens' Rights Agreements (IMA). Lappin outlined her experience in public sector governance and her approach to the IMA's role in monitoring and promoting EU citizens' rights post-Brexit. Key challenges discussed included raising the IMA's profile, managing stakeholder expectations, and effectively utilising its statutory powers. Lappin highlighted the IMA's work in advising on legislation and intervening in court cases, as well as addressing ongoing issues with EU Settlement Scheme applications. The Committee explored Lappin's strategies for maintaining the IMA's independence and managing potential conflicts of interest.

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