The British people have voted to leave the European Union.
No European Union Member State has left the EU so the process of withdrawal is untested. Effecting a successful “Brexit” will involve disentangling the UK from complex politico-legal, financial and other relationships and obligations.
Prior to the referendum the UK government stated: “a vote to leave the EU would be the start, not the end, of a process.” UK’s withdrawal from the EU requires the UK to secure a long list of international agreements and arrangements in many different areas. It is important to note that the UK will continue its membership of the EU and will continue to be subject to much of that law for a number of years to come as Brexit is negotiated.
To help UK entities and foreign businesses trading with the UK in this time of uncertainty, CMS has created a dedicated microsite Brexit Next: Legal Implications to keep those concerned updated on developments as they happen. The checklists on the microsite cover a broad range of industry areas, guiding the reader through the legal implications of a Brexit on businesses operating in, and trading with, the UK and you can also look at what we at CMS think the Brexit process might look like and the future options for the UK in its relationship with the EU.
CMS Russia is working closely with CMS UK in relation to updating the Brexit Next website and assisting our clients with assessing the potential impact of the changes that lay ahead on their economic, financial, tax or legal transactions with the UK.