The European Council met on 10 April 2019 to discuss the letter of Prime Minister Theresa May of 5 April asking for a further extension of the deadline for the withdrawal of the United Kingdom ("UK") from the European Union ("EU").
In response, the European Council agreed to an extension to allow for a possible ratification of the withdrawal agreement negotiated so far until 31 October 2019 at the latest. Progress on this matter will be reviewed at the meeting of the Council of June 2019 (communication of the European Council of 10 April 2019).
On the same date, the European Commission issued a communication reminding that the likelihood of a no-deal Brexit remains significant, and that although an orderly Brexit remains the preferred solution, Member States are now prepared for a no-deal Brexit in particular in the financial sector, stressing that keeping a coordinated and consistent approach was crucial.
Gide, together with Chiomenti, Cuatrecasas and Gleiss Lutz, has released a summary of the transitional measures adopted for financial institutions in the main jurisdictions of the EU, Germany, France, Italy, Spain and Portugal, in case of a no-deal Brexit scenario ("Hard Brexit").
Please click on the PDF file below to read the full Newsletter.