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UK Government Publishes Repeal Bill

On July 13, the UK government published the European Union (Withdrawal) Bill (Bill). Introduction of the Bill follows the white paper published earlier in the year (for further information, please see the Corporate & Financial Weekly Digest edition of March 31), in which the Bill was known as the Great Repeal Bill.

The Bill would perform four main functions, if it passed as an Act of Parliament:

  • it would repeal the European Communities Act 1972 (the “conduit pipe” through which EU law becomes UK domestic law) on the day the United Kingdom leaves the European Union;
  • it would convert EU law as it stands at the moment of exit into domestic law before the United Kingdom leaves the European Union;
  • it would create powers to make secondary legislation, including temporary powers to enable corrections to be made to the laws that would otherwise no longer operate appropriately once the UK has left the EU and to implement a withdrawal agreement; and
  • it would maintain the current scope of devolved decision making powers in areas currently governed by EU law.

The Bill aims to ensure that, as a general rule, the same rules and laws will apply on the day after the UK leaves the EU as the day before. Directly applicable law, such as EU regulations, will be converted into domestic law, and pre‐exit case law of the Court of Justice of the European Union will be given the same binding, or precedent, status in UK courts as decisions of the Supreme Court.

Members of Parliament will consider and debate the Bill when they return from summer recess, although no specific date has been announced.

The Bill is available here.

©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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