March 21, 2017

March 21, 2017

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March 20, 2017

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UK Parliament Formally Adopts Brexit Bill

On March 13, the UK Parliament passed the European Union (Notification of Withdrawal) Bill (Bill). The Bill received Royal Assent on March 16.

During the course of debates on the Bill, the UK House of Lords had proposed two amendments, one relating to the rights of EU and European Economic Area (EEA) citizens legally resident in the United Kingdom, and the other to parliamentary approval on the final Brexit deal reached with the European Union. However, the UK House of Commons disagreed, and the Bill was passed back to the UK House of Lords with the amendments removed. The UK House of Lords did not insist on their amendments to the Bill, meaning that the Bill, as originally published, was adopted without changes.

It was expected that Prime Minister Theresa May would trigger the process to begin withdrawal negotiations with the European Union as soon as the Bill received Royal Assent. However, with the announcement by Nicola Sturgeon, First Minister of Scotland, that she will seek a second referendum on Scotland’s independence from the United Kingdom, the Prime Minister is expected to delay triggering Article 50 until the end of March.

©2017 Katten Muchin Rosenman LLP

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About this Author

David A. Brennand, Financial Services Lawyer, Katten Muchin Law Firm
Partner

David Brennand is a partner in the Financial Services practice in Katten Muchin Rosenman UK LLP. David provides advice to a wide range of clients active in asset management on a broad spectrum of matters pertinent to their operations, with a particular focus on advising asset managers on the structuring and ongoing operation of hedge and other alternative fund structures investing in a diverse range of asset classes.

As well as advising on fund structuring and their ongoing operation, David's expertise also extends to advising asset managers and...

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Carolyn H. Jackson, International Attorney, Katten Muchin law firm
Partner

Carolyn Jackson is a partner in Katten Muchin Rosenman UK LLP and is a Registered Foreign Lawyer. She provides US financial regulatory legal advice to a broad range of market participants, including commercial banks, investment banks, investment managers, broker-dealers, electronic trading platforms, clearinghouses, trade associations and over-the-counter derivatives service providers.

Carolyn guides clients in the structuring and offering of complex securities, commodities and derivatives transactions and in complying with US securities and commodities laws and regulations. 

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Nathaniel Lalone, Katten Muchin Law Firm, Financial Institutions Attorney
Senior Associate

Nathaniel Lalone, a partner at Katten Muchin Rosenman UK LLP, has a broad range of experience in the regulation of financial products and financial markets, and frequently provides regulatory and compliance advice to trading venues, clearing houses and buy-side firms active in the over-the-counter (OTC) derivatives, futures and securities markets. He is actively involved in advising clients on the implementation of MiFID 2 and MiFIR in the European Union as well as the international reach of US financial services regulation. He also has significant experience with structuring...

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Neil V. Carbone, Estate, Trust, Attorney, Katten, Law Firm
Attorney

Neil V. Carbone concentrates his practice in trust and estates law, with a focus in estate planning, administration and litigation, including issues pertaining to taxation, business organizations, property rights, estate plans, wills, trusts, insurance trusts, living wills, health care proxies and powers of attorney. He has an extensive background in litigation and in Surrogate’s Court matters and procedures.

Prior to entering private practice, Neil was a senior court attorney at the New York Court of Appeals.

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