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Volume X, Number 185

July 03, 2020

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Brexit: UK Government Publishes Legal Texts on Future UK-EU Relationship Negotiations

On May 19, the UK Government published a suite of draft legal texts (the Legal Texts) to accompany its policy paper, “The Future Relationship with the EU,” published on February 27 (the Policy Paper).

The UK Government states that the draft Legal Texts are the legal articulation of its approach in the Policy Paper and that these have formed the basis of discussions with the EU.

The Legal Texts further the UK Government’s approach to come to an agreement with the EU on a comprehensive free trade agreement (FTA). In the Legal Texts, the UK Government proposes zero tariffs and zero quotas on goods (currently this is not the case in any of the existing EU FTAs), and includes relatively weak and unenforceable level playing field provisions. The UK Government suggests that this approach is consistent with the political declaration, whereby both the EU and UK aimed to reach an agreement on a zero tariffs, zero quotas FTA.

Contrastingly, the EU’s position is to have an overall governance framework that covers all areas of economic and security cooperation. In this governance framework, the Court of Justice of the EU would be the sole arbiter of EU law. Furthermore, the level playing field provisions would be strong and enforceable, unlike those proposed by the UK Government.

The Legal Texts and Policy Paper are available here.

©2020 Katten Muchin Rosenman LLPNational Law Review, Volume X, Number 143

TRENDING LEGAL ANALYSIS


About this Author

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...

+44 0 20 7776 7625
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 and documentation relating to OTC derivatives and structured products.

Prior to joining Katten, Nathaniel was a member of the US Regulatory and the Derivatives and Structured Finance practices at Allen & Overy LLP.

+44 0 20 7776 7629
Neil Robson, private equity fund managers counselor, Katten Law Firm, London
Partner

Neil Robson, a regulatory and compliance partner with Katten Muchin Rosenman LLP, focuses his practice on counseling hedge and private equity fund managers and other investment advisers on operational, regulatory and compliance issues. He regularly addresses Financial Conduct Authority (FCA) and EU authorization and compliance under both the EU Alternative Investment Fund Managers Directive (AIFM Directive) and MiFID, cross-border issues in the financial services sector, market abuse, anti-money laundering and regulatory capital requirements, formations and buyouts of...

44-0-20-7776-7666