Brexit

Following the recent result in the United Kingdom's EU referendum, Walkers has created a Brexit page dedicated to providing our clients relevant information about the jurisdictions in which we practise. On this page you will find a selection of curated and created articles on Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Jersey and Ireland.

Implications for the financial services industry in Ireland

On 23 June 2016, the United Kingdom took the unprecedented decision to leave the European Union. It is a matter of regret for most Irish businesses that this decision has been made and like most professional services firms, we at Walkers had hoped for a different outcome to the Brexit referendum.

As its closest neighbour and the member state with the deepest political, social and economic ties, Ireland is perhaps the most exposed Member State of the remaining 27 to any market turmoil arising out of the referendum. However, as the only native English speaking, common law jurisdiction remaining within the EU, Ireland is also uniquely placed to benefit from some opportunities that will arise, particularly in the financial services industry.

The next step to the UK's departure has now been taken as, on 29 March 2017, the UK government formally notified the European Council under Article 50 of the Lisbon Treaty of the UK's intention to leave the EU. The UK has a maximum of 2 years, until 29 March 2019, remaining as a member of the EU, unless the remaining 27 members unanimously agree to extend the deadline. The EU has already published draft guidelines for Brexit negotiations for the EU27.

Faced with this reality, we have considered the potential impact of Brexit on our clients and how we at Walkers can assist with your post-Brexit strategy.

Below you will find a link to a client advisory in respect of several of our practice areas:

Asset Finance
Capital Markets
Data Protection Implications
Insurance Linked Securities
Investment Funds
Listing services
Payment and Electronic Money Institutions
Regulation of Financial Service Providers
Regulation of MiFID firms
Tax

Brexit Update - November 2016: 
Client trends and wider developments

Brexit Update - January 2017: 
UK signals countdown to hard Brexit

Brexit Update - The Long Goodbye: EU takes initial step in responding to UK’s notice under Article 50: 
The Long Goodbye: EU Takes its Initial Step Under Article 50

Walkers to speak at Brexit relocation event

Brexit - Central Bank of Ireland issues FAQ paper

Key Contacts

The Bermuda Business Development Agency has released the following two statements on Brexit:

Bermuda Industry Statements On Brexit
BDA Statement on Brexit


Key Contact

The United Kingdom (UK) voted in its historic referendum on 23 June to leave the European Union (EU). The process of leaving the EU now requires the UK to invoke Article 50 of the Lisbon Treaty and embark on a period of uncertainty, involving complex negotiations, which is expected to last at least two years.

Against this backdrop, we have set out some preliminary thoughts, in the PDF below, which clients that have participated in financing transactions involving companies established in the British Virgin Islands (BVI) may wish to consider:

British Virgin Islands Advisory


Key Contacts

The States of Guernsey have issued the following statement and key messages:
States of Guernsey Finance Industry – Brexit Key Messages
States of Guernsey Media Release


Key Contacts

Jersey Finance and the Jersey Government's Chief Minister's Statement are as follows:
Jersey Finance Responds to the UK’s Vote to Leave the EU

Jersey Government's Chief Minister's Statement:
Chief Minister's statement on EU referendum


Key Contact

The articles and links above do not constitute legal advice. For more information please get in touch with your usual Walkers contact or one of the key contacts listed above.