Brexit

Brexit

ARCHIVED: This archived overview outlines the elements of Brexit that may be relevant to Corporate lawyers. It is not maintained and is for background information only.

On 23 June 2016, the United Kingdom held a referendum on its membership of the European Union, with a majority voting in favour of the United Kingdom leaving the EU (this option has become known as Brexit). For more information, see: LNB News 24/06/2016 1.

For guidance on Brexit generally, see the Brexit toolkit and Brexit timeline.

Implementing Brexit

In order to give effect to Brexit, there were several procedural hurdles to overcome.

Reaching exit day

On 29 March 2017, Theresa May MP, the then UK Prime Minister, gave formal notification of the UK's intention to withdraw from the EU (ie to Brexit), commencing the withdrawal process under Article 50 of the Treaty on European Union (TEU). Art 50 TEU prescribed a two-year period for the UK and the EU to negotiate the terms of Brexit, which may be extended by agreement. The two-year period ended on 29 March 2019 at 11 pm UK time (30 March 2019 at 12 am

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Latest Corporate News

FCA publishes Primary Market Bulletin 55

The Financial Conduct Authority (FCA) has published guidance consultation GC25/1 with proposed amendments to the FCA’s Knowledge Base (eg the repository of non-handbook commentary that has the status of formal FCA guidance). The proposals concern technical and procedural notes in relation to the Listing Regime following implementation of the new UK Listing Rules (UKLR) which came into force in July 2024, in addition to proposed updates and clarifications to Technical Note 507.1 ‘Structured digital reporting for annual financial statements prepared in accordance with International Financial Reporting Standards’. Amendments are summarised in Primary Market Bulletin (PMB) No. 55. Comments are requested by 15 May 2025. The FCA has also published FG25/1 setting out changes to the Knowledge Base following its consultation in PMB 53.

Corporate weekly highlights—17 April 2025

This week's edition of Corporate weekly highlights includes: the FCA’s update following the closure of the consultation on the regulatory framework for the PISCES sandbox, news of the postponement of the implementation dates for the Corporate Sustainability Reporting Directive and Corporate Sustainability Due Diligence Directive, as well as news analysis on the UK’s approach to modern slavery. It additionally includes the Court of Appeal judgments in (i) Syspal Capital Ltd v Truman relating to the interpretation of pre-emption provisions in articles of association and (ii) Kington S.À.R.L. v Thames Water Utilities Holdings Ltd relating to a restructuring plan under Part 26A of the Companies Act 2006.

ESAs publish 2024 Annual Report

The Joint Committee of the three European Supervisory Authorities (the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities and Markets Authority—ESAs) has published its joint annual report for 2024, detailing the collaborative efforts and achievements of the past year. In 2024, the ESAs concentrated their efforts on several cross-sectoral areas, including joint risk assessments, sustainable finance, operational risk and digital resilience, consumer protection, financial innovation, securitisation, financial conglomerates, and the European Single Access Point (ESAP). Key achievements included the implementation of the Digital Operational Resilience Act (DORA) and ongoing work related to the Sustainable Finance Disclosure Regulation (SFDR).

Council approves postponement of EU corporate sustainability reporting and due diligence deadlines

The Council has given final approval to postpone implementation dates for the Corporate Sustainability Reporting Directive (CSRD) and Corporate Sustainability Due Diligence Directive (CSDDD). The changes delay CSRD requirements by two years for large companies and listed SMEs, with reporting now starting from 1 January 2027 and 2028 respectively. The CSDDD transposition deadline moves to 26 July 2027, with first phase application beginning 26 July 2028. The changes are part of the Commission's February 2025 'Omnibus I' package aimed at simplifying EU sustainability legislation.