Brexit and EU law in the UK?
- October 3, 2014
- Posted by: Hyde Park
- Category: Solutions
The only sure thing about Brexit at the moment is that there is not much clarity, but for more general Portfolio and Project Management we do not expect that there will be any immediate review or change to the complex matrix of laws and regulations that govern the activities of businesses based in the UK. However HPS would always advise companies to have a plan A and a plan B, so that whatever the outcome of this unprecedented political situation business managers will be pre-armed with a strategic system enabling their business to be prepared for any change.
It always makes sense for any company to have a plan from which they know they are likely to have to deviate to accommodate external changes. But from a legal and compliance perspective, business is likely to continue as usual in the immediate future and businesses will continue to need to prepare for forthcoming regulatory change in the longer term.
During the Brexit negotiations the UK will remain an EU member state and will continue to be subject to EU laws. During this time, the UK will still be able to participate in EU law and policy-making and in the activities of the EU institutions pending the entry into force of the exit agreement (other than in relation to its own withdrawal).
It is also important to note that International Standards will continue to be relevant during the Brexit negotiations as the UK will still be a member of the G20 and will still be part of international financial standard-setting bodies. So if we stay in the EU we need to formulate a plan and if we leave the EU we need to prepare, however it’s good to note that nothing legal is set to change radically or quickly.