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E-newsletter  -  April 2017

 
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EU Law
Brexit: Issues at stake in troubled negotiations

Jean-Luc Soulier

It seems that no one was prepared for the results of the June 23, 2016 referendum in which UK voters made the choice to quit the European Union by a slim majority.

The United Kingdom is the first Member of the European Union that used the withdrawal option provided for under Article 50 that was introduced in the Treaty on European Union by the Lisbon Treaty. This unexpected withdrawal raises major challenges that no one seems to have actually anticipated.


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Banking & Finance
Brexit: What future for MiFID II?

Catherine Nommick

Countdown to Brexit started on March 29, 2017, date on which Theresa May officially notified the Chair of the European Council of the United Kingdom's intention to leave the EU. This notification launches two years of tough negotiations at the end of which the United Kingdom and the European Union must agree on the terms and conditions of UK’s withdrawal, unless this timeline is extended by unanimous agreement from all EU Member States.

The timetable for negotiations coincides with the entry into force in 2019 of a series of financial rules, one of the most important in the banking and financial sector being the Directive on markets in financial instruments, known as the MiFID Directive. The implementation of this Directive is essential to allow banks and investment firms to operate within the European Union.


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Immigration
What will happen to our British friends who reside in France after Brexit?

Emilie Ducorps-Prouvost

Theresa May said that she is in favor of the preservation of expatriates’ rights provided that an agreement on “reciprocal rights” is reached.

In fact, it is highly likely that the British Government will impose work permit restrictions. In that case, and as the principle of reciprocity will apply, British citizens will need a visa to work in France.

The future of expatriates will most certainly be used as a bargaining chip during the withdrawal negotiations and chances are high that what happens to them will be decided at the last minute, in 2019, when UK’s withdrawal from the European Union will become effective.

Let us hope, at least, that our leaders will work out efficient agreements to impair as little as possible the free movement of people between the United Kingdom and France, in particular with respect to business immigration.


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Experts’ contributions
Brexit: so far, so good?

We are pleased to publish this month a contribution entitled Brexit: so far, so good? authored by Mr. Julien-Pierre Nouen, Head of Economic Research at Lazard Frères Gestion.

Just over nine months after the June 23, 2016 referendum, the British Government finally triggered Article 50 of the Treaty on the Functioning of the European Union, thereby opening the two-year negotiation period that will lead to the effective withdrawal of the UK from the European Union. The impact of Brexit on the British economy will depend on the outcome of these – primarily legal – negotiations.

This contribution provides insights into macroeconomic considerations to better understand the major issues that British negotiators will be facing during the negotiations.

Read the contribution (in French only)




Publications
La mise en jeu de la responsabilité de la société-mère étrangère et la compétence du juge du travail français

Article authored by Emilie Ducorps-Prouvost and published on actuEL-RH (website of Editions Legislatives, a leading French legal publishing house) on April 4, 2017

Read the article published on actuEL-RH (in French)

Read Emilie Ducorps-Prouvost’s full article entitled “Insolvency proceedings, dismissed employees and tort action against a foreign parent company” published on our Blog (in English)




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