Brexit issues Clause Samples

Brexit issues. During most of the time of the writing of this dissertation, starting from October 2016, the UK was an EU Member States subject to the EU law.150 Yet, the UK stopped being a Member State of the EU as of midnight CET on 31 January 2020.151 The Withdrawal Agreement between the EU and UK entered into force on 1 February 2020.152 However, it does not mean all the EU laws stopped being applicable to the UK immediately. Instead, the EU and the UK have agreed on a transition period until 31 December 2020.153 During this period, ‘[a]ll EU law, across all policy areas, is still applicable to, and in, the United Kingdom, with the exception of provisions of the Treaties and acts that were not binding upon, and in, the United Kingdom before the Withdrawal Agreement entered into force.’154 And the EU and UK can decide, before 1 July 2020, to extend the transition period once, by up to one or two years.155 In terms of bank resolution laws specifically, the impact of Brexit is expected to be limited. The SRMR only applies to States belonging to the Banking Union, to which the UK does not belong. Brexit will not affect the SRMR or relevant laws concerning the Banking Union. The BRRD, on the other hand, was binding on the UK, and the UK has, on the basis of the Banking Act 2009, transposed the BRRD in several statutory instruments.156 The UK authority has expressed that ‘[t]he policy aims of the BRRD will remain a core element of [UK’s special resolution] regime, providing continuity 149 Article 94(4)(d) BRRD. 150 For example, ▇▇▇▇▇▇▇ ▇▇▇▇▇ v Novo Banco, see above n 112 - n 114. 151 See European Union, ‘A Future EU-UK Partnership’, <▇▇▇▇▇://▇▇▇▇▇▇.▇▇/newsroom/ highlights/special-coverage/future-eu-uk-partnership_en> accessed 25 February 2020. 152 Ibid. 153 Ibid. 154 Ibid. 155 Ibid. 156 See, e.g. the Bank Recovery and Resolution Order 2014, the Banking Recovery and Resolu- tion (No. 2) Order 2014; 2016 No. 1239 BANKS AND BANKING FINANCIAL SERVICES AND MARKETS The Bank Recovery and Resolution Order 2016. See the full list of these national transposition EUROPA, ‘National transposition measures communicated by the Member States concerning: Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, an...