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Newsflash: UK Leaves EU. Implications for Private Fund Managers?

Alerts and newsletters | January 31, 2020

On 31 January 2020, the United Kingdom officially ceased to be a member of the European Union.

By way of recap, the UK voted to leave the EU in a referendum on 23 June 2016. The UK had initially been due to leave the EU on 29 March 2019 (two years after the government invoked Article 50 and triggered the withdrawal process), but agreed a series of extensions with the EU, delaying “Brexit” to 12 April 2019, then 31 October 2019 and finally 31 January 2020.

As many readers will be aware, whilst the UK has now left the EU, the withdrawal agreement contains a transition period, expected to run to 31 December 2020, during which time the UK government and the EU will continue to negotiate the terms of their future relationship. Critically, during the transition period, EU law will generally continue to apply in the UK as it did prior to 31 January.

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