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Brexit – Are You Ready – a Legal Checklist

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Speaker David Beveridge

David will be outlining matters where businesses should consider and assess how ready they are for the biggest change to UK trade in the post – war era – Brexit.

Publicado en: Empresariales
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Brexit – Are You Ready – a Legal Checklist

  1. 1. The Business Journey February 2019
  2. 2. Social Media Follow: @TheBusJourney Hashtag: #SMEJourney
  3. 3. Business Journey Partner David Beveridge @MHSolicitors
  4. 4. The Business Journey Brexit: Are you ready? A Legal Checklist 5th February 2019 © 2019
  5. 5. EU employees in the UK post-Brexit? Whether no –deal Brexit or deal – no change to rights of EU employees until 1 January 2021 Thereafter – “settled status” application (£65) – deadline of 30 June 2021 for applications Moving to UK post – Brexit – “free movement” repealed by Immigration Bill 2018 – depends on system(s) adopted going forward
  6. 6. Travel to the EU post-Brexit? After 29th March 2019, assuming no deal Brexit – require to check travel requirements If Schengen area – must have passport no more than 10 years old, must be valid for at least 3 months. Can stay up to 90 days Separate rules for Bulgaria, Croatia, Cyprus, Romania Travel to Ireland remains unchanged (Common Travel Area)
  7. 7. Review of EU contracts? Review to identify risks, liabilities, complications – will a key supplier or customer default on obligations or re-negotiate? Does it give you the chance to exit the contract or re-negotiate?
  8. 8. Potential Contractual Issues  Geographical descriptions of EU  Impact on price of tariffs  Late delivery – whose problem?  Restrictions on freedom to provide services?  What if labour shortage prevents performance?  Additional costs of licensing, certification or regulations fall on whom?  Can currency risk be hedged?  Governing law and jurisdiction issues?  How does it affect “change in law” clauses  Does a Brexit impact represent “force majeure”?
  9. 9. Export & Import of goods  If no-deal Brexit, matters revert to WTO rules – full import and export declarations and separate safety & security declarations  If trading with EU countries may need an EORI (Economic Operator Registration and Identification Scheme) Number – important to register now  If trading with non-EU countries, consider whether those countries are one of the 70 countries with EU free trade arrangements- and impact of UK leaving same. Likely gap between Brexit and new bi-lateral arrangements  See technical notices issued by HM Government for specific sectors – timber, animal products, controlled goods, plants, GM food
  10. 10. Export of manufactured goods to the EU?  Manufacturers must check if conformity assessments and certifications will be recognised by EU – separate UK certification required?  Products assessed by UK bodies can no longer be sold in EU market unless re-assessed and remarked by EU body  CE markings based on self declaration will still be possible  A new UK mark for new products is planned to indicate compliance with UK standards, which will be the same as EU standards – for now  For EU goods sold in UK, CE markings will be acceptable, but duplicate UK mark may be required in due course
  11. 11. Operating in the EU? UK businesses become “third country” businesses in the EU If no – deal Brexit, then there may be restrictions, such as nationality, residency and limitations on equity held by non- residents If UK business with an EU headquarter, major thinking required on potential need to restructure EU companies in the UK will have new filing and information requirements
  12. 12. Transfer of personal data to and from the EU? Personal data is transferred between UK and EU all the time – intra group or to a service provider UK data protection regime will remain as is However, EU has “adequacy assessment” rules – and UK approach to data retention and access by intelligence services may make UK incompatible, so data transfer may become difficult in due course
  13. 13. Protection of intellectual property? The aim will be to recognise existing EU IP (such as EU registered trade marks and designs) in the UK by creating a UK equivalent right or new IP rights in the UK However, important to monitor protection of important IP following Brexit
  14. 14. Regulation of business activities?  Aim is to retain status quo in terms of regulations – but in many areas will not be possible  Important to research the impact on your business  An EU regulator may be changed for a UK regulator  For Scottish Business – agriculture, fisheries, environment and public procurement move from EU to Scottish Government – orders required to formalise  Remains to be seen – what regulation? Who responsible for making regulations? Whether enforced by Scottish-only or UK- wide bodies?
  15. 15. £150m deal value in 2017 100% increase in number of deals Corporate team awarded Team of the Year in December 2018 at The Law Awards of Scotland 2018. Entered Legal 500 Recommended Law Firm Guide in August 2015 and now ranked as a Recommended Law Firm by The Legal 500. 51 deals completed in 2017/18 25% cross border deals Corporate Team shortlisted as finalist for Legal Advisor of the Year at The Insider Deal and Dealmakers Awards 2018 One of the Top Four corporate law firms in Scotland in terms of number of MBOs (management buyouts) completed in 2017/18 (Business Insider 2018 Yearbook). Leading Advisor to Scottish Family Businesses at The Herald Scottish Family Business Awards 2012 & 2013. A top 12 Scottish corporate law firm by number of deals completed (2012, 2013, 2014, 2015 and 2017 Business Insider). Turnover and profits increased by 100% since a Management Buyout in 2009. “Best Friends” policy with 20 firms in 15 jurisdictions and a conflict referral firm of choice for some of Scotland’s largest commercial law firms KEY FACTS
  16. 16. Contact Details David B Beveridge Managing Director 0141 248 4957
  17. 17. THANK YOU
  18. 18. Questions for David
  19. 19. Date for the diary The next Business Journey event May 14, 2019