The United Kingdom has voted to leave the European Union. This does not take effect immediately as Article 50 of the Treaty on European Union will need to be formally triggered by the UK Government for withdrawal to commence.

The process is likely to take two years or more but there will be significant consequences for many businesses and planning should start immediately to identify the risks and opportunities that the UK's exit from the EU may bring.

We have established a team of lawyers with specific industry and EU law and regulation expertise who are available to support you in assessing the likely impact of the UK's decision on your business and planning how to address these challenges. For support, please speak to your usual Norton Rose Fulbright contact or one of our Brexit team.

If you have not done so already, the first step is to compile a matrix of risks that the UK's exit may present for your business. While the risk matrix will be different for every business, the types of issues that may be relevant are:

  • trade patterns (internal, supply chain and customers) between the UK, EU and third countries;
  • current and prospective barriers to trade including tariffs and other barriers, e.g., different product standard rules, regulatory and trading regulations;
  • rights of key employees to work in the UK and EU and the impact on recognition of their professional or other qualifications;
  • data protection and privacy requirements – intra-company and customers;
  • regulatory requirements that will impact your rights to establish and provide services in the UK and the EU and how far a common regulatory passport will apply;
  • whether your business structure in Europe – subsidiaries, branches, agencies - will continue to be fit for purpose;
  • impact on your access to capital markets in the EU or the UK and to other sources of funding including state loans and subsidies;
  • consequences of changes to public procurement arrangements; and
  • effectiveness of your company's or industry's think tanks and representative bodies in London and Brussels

There is information on the likely impacts of Brexit for a wide range of industries on our dedicated Brexit site. Please do not hesitate to contact us to discuss any issues you are facing in relation to Brexit.

Kind regards
Norton Rose Fulbright