1. UK to quit EU at 23:00 GMT, as PM promises ‘new dawn’ (BBC News)
  • The UK will officially leave the European Union at 23:00 GMT, ending 47 years of membership.
  • In a video message to be released an hour earlier, Prime Minister Boris Johnson – who led the 2016 campaign to leave – will call Brexit a “new dawn”.
  • Little will change immediately, as the UK begins a “transition period”. Most EU laws will continue to be in force – including the free movement of people – until the end of December, by which time the UK aims to have reached a permanent free trade agreement with the EU
  • The Cabinet today discussed future trade deals, including seeking a Canada-style free trade agreement with the EU, and Mr Johnson thanked Brexit Secretary Stephen Barclay for the work of his department, which is being wound up.
  • 2. EU warns Britain about the price of Brexit (FT)
  • EU leaders on Friday warned Britain that life outside the bloc will never match the benefits it enjoyed as a member, as they vowed to launch a “new era” for the union after Brexit.
  • In a determined show of unity hours before the UK’s formal departure from the EU, European Commission president Ursula von der Leyen and the heads of the bloc’s other major institutions said it was now for Britain to decide how close a relationship it wanted with the union.
  • Charles Michel, the European Council president, reiterated previous warnings from Brussels that the depth of future economic relations would depend on Britain’s willingness to stick closely to the bloc’s rules. Ms Merkel described Brexit as a “deep cut for us all”, adding Germany would like to remain a “close partner and friend of Great Britain”.
  • Brussels is preparing to kick-start a new phase of negotiations with the UK as the two sides try to hammer out the terms of their future partnership before the scheduled end of Britain’s post-Brexit transition period in December. The EU’s chief negotiator Michel Barnier will present the union’s draft mandate for the trade negotiations on Monday.
  • Mr Michel has convened a summit of leaders of the 27 EU member states to break an impasse over how to fund the bloc’s next seven-year budget. Brexit makes that negotiation even more difficult, because Britain was one of the largest net contributors to the budget.
  • 3. Brexit won’t see UK, EU competition goals diverge much, Guersent says (MLEX)
  • Tackling Big tech dominance abuses and global competition threat are objectives shared by both the EU and the UK, so those areas of competition law won’t be heavily impacted by Brexit, the EU’s top antitrust official has told French lawmakers.
  • With the UK set to leave the EU today, the head of the European Commission’s competition directorate, Olivier Guersent, told a French Senate committee for economic affairs on Wednesday that Britain, like the EU, was aware of the global challenges posed by the digital transition, and by unilateral actions by countries such as China, the US and Russia.
  • 4. UK investment firms must submit revenue, governance data to ESMA under draft EU law (MLEX)
  • UK investment firms hoping to access EU markets will have to submit their expected number of clients, senior management contacts and plans for algorithmic trading, according to a consultation from EU watchdogs today.
  • Non-EU firms hoping to access EU markets will have to furnish copious details to the EU’s securities-market authority, ESMA, according to draft legislation published for comment. 
  • The new rules reflect a beefed-up approach to analyzing whether to grant — and maintain — access by individual investment firms to EU markets, strengthening the existing equivalence regime which will form the basis of future UK-EU financial relations. 
Author

Jessica's practice focuses on international trade and anti-bribery work, encompassing customs, export control and sanctions matters. Jessica's trade work includes advising international clients on fast-moving and evolving EU and UN sanctions, notably in respect of Iran and Russia, and on compliance with UK and EU export controls. Her trade experience also includes advising on tariff classification and customs valuations. Jessica's anti-bribery experience includes assisting with investigations, and advising clients on compliance with anti-bribery laws. Jessica has also taken a lead role in monitoring Brexit-related developments; analysing how they will affect the UK's trading position generally, and clients' businesses specifically. She has helped clients begin to conduct risk assessments of how Brexit will impact their businesses, and has assisted them in developing tailored Brexit strategies. Jessica also presents at various seminars, webinars, and conferences on the complexities of Brexit. Jessica advises global clients on complex issues arising from international transactions and works with clients across a number of sectors including pharmaceuticals, defence, finance, aviation, energy, and telecommunications. Jessica has also worked previously in Paris, and is fluent in French.

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