The scope and application of the AIFMD portfolio company provisions - including the "anti-asset stripping rules" – have changed significantly as a result of Brexit. This briefing highlights how these changes may affect your firm.
At 11 p.m. on 31 December 2020, the Transition Period (during which the UK was effectively treated as still part of the EU) came to an end. In our previous article, "Social Security and Brexit: Where are we now?", we highlighted the risks faced by UK employers with employees working in the EU if no agreement on social security coordination was reached by that point.
The Trade and Cooperation Agreement (TCA) signed by the UK and EU in December 2020 contains few provisions which are directly relevant to M&A – but there are provisions on investment and the end of the Brexit transition period is likely to have a significant impact, both on M&A and the wider investment landscape.
Our round-up of recent developments in law and practice for in-house counsel.
The ICO is the UK’s independent regulator who oversees and enforces the UK’s data protection regime. From 1st January 2021 as the ICO’s website states “… the UK General Data Protection Regulation together with the amended Data Protection Act and Privacy and Electronic Communications Regulations will comprise the personal data protection legislation in the UK.” The Trade and Co-operation Agreement (ETCA) agreed between the UK and the EU on 24th December 2020 agreed a ‘data-bridge’ which provides for the continued free flow of personal data from the EU and EEA EFTA States to the UK until adequacy decisions are adopted, and for no longer than six months.
This briefing was updated on 12 February 2021.
As one of the key sticking points in negotiations leading up to the trade deal agreed on 24 December 2020, the future of the UK's state aid regime has been uncertain ever since it was determined that the UK was to leave the EU. However, with terms now agreed between the EU and UK on the control of subsidies in each jurisdiction, some clarity has been provided for UK and EU businesses alike on this contentious issue.
The Trade and Cooperation Agreement (TCA) between the UK and the EU, which took effect on 1 January 2021, dedicates an entire chapter to digital trade arrangements, such as the supply of goods and services through online channels. This is the first time an EU trade agreement has included a specific chapter of this nature and marks the importance of digital trade between the two jurisdictions.
As the dust settles on the EU–UK Trade and Cooperation Agreement, and the majority of businesses have returned after a break of some kind at the end of 2020, the end of the Brexit Transition Period means that UK (and some EU and EEA) users of derivatives find themselves in a new regulatory environment.
The end of the post-Brexit transition period on 31 December 2020 has brought with it some changes for those involved in civil litigation with an EU element. Generally, proceedings which are already on foot will be unaffected, whereas litigants involved in new proceedings with an EU element may now face a slightly bumpier procedural ride and some increased cost.
Key employment and business immigration developments for employers.
This briefing was updated on 8 February 2021.
The Trade and Cooperation Agreement (TCA) between the UK and the EU agreed just before Christmas was hailed by the Prime Minister as a deal which offers significant new freedoms for the UK (as compared with EU membership), whilst at the same time providing certainty and substantial economic benefits for business. But how far do those claims match what the agreement actually says?
At the eleventh hour, Parliament yesterday approved the European Union (Future Relationship) Bill, sealing the UK's approval of the 1,259-page Trade and Cooperation Agreement reached between the EU and the UK on Christmas Eve. The final Parliamentary stages were completed swiftly afterwards and the Agreement will apply on a provisional basis pending formal ratification from the EU, expected by the end of February 2021.
This briefing was updated on 14 January 2021 to reflect the provisions of the UK-EU trade deal.
Public procurement rules affect the way that government and other bodies controlled or funded by the state award contracts to the private sector. The current rules in the UK are heavily influenced by EU legislation.
The announcement that the UK and EU have (at long last) reached agreement on the trade aspects of their future relationship is obviously very welcome news for business. In particular, it avoids the prospect of an acrimonious break with the UK's biggest trading partners and will mitigate some (but by no means all) of the adverse trade impacts of the UK leaving the EU Single Market and Customs Union.
With only 10 days to go until the end of the Brexit transition period, a trade deal with the EU continues to prove elusive.
We spoke with Stephen Carr, Group Commercial Director of Peel Ports, and discussed how Brexit and COVID-19 could reshape the "distribution map" of the UK and increase UK manufacturing activity. We also examined the opportunities and challenges of the UK Government's freeports proposal.
This briefing was updated in February 2021.
The end of the Brexit transition period on 31 December 2020 will make a difference to the way that the UK and EU merger control regimes work. Here's what you need to know:
This briefing was updated in February 2021.
What difference does the end of the Brexit transition period on 31 December 2020 make to UK and EU competition law? And how likely is it that the UK will increasingly diverge from the EU in its approach to competition law?
Disruption to goods supply chains is widely expected after the Brexit transition period ends on 31 December 2020. Even businesses which are well prepared for new border processes could be caught up in delays.