BREXIT

OPINIONS AND REPORTS TO BE DOWNLOADED

. Replication of market master agreements

Working Group chaired by Alban Caillemer du Ferrage

06/02/19 AV11A - Opinion ➡ Download

On February 6, 2019, Ordinance No. 2019-79 relating to preparatory measures for the withdrawal of the United Kingdom from the European Union in the area of financial services, was published in the French Republic Official Journal. This order builds on a recommendation made earlier by the HCJP in its report on “Brexit, banking and investment services”. These recommendations relate to the implementation of a simplified mechanism for replicating market framework agreements concluded by a British entity of a banking group with a French client with a European entity of the banking group with this same client. The detailed analysis of these recommendations was the subject of a report to the President of the Republic.

. Brexit Report, Banking and Investment Services

Working Group chaired by Thierry Bonneau

15/10/18 RA20A - Report ➡ Download

In this report, the HCJP discusses the consequences of Brexit in banking and investment services. Two main problems emerge from this: on the one hand, the continuity of contracts in progress at the time of the United Kingdom’s withdrawal from the European Union, which, according to the working group, does not raise any major difficulties (I), and on the other hand, the conditions for the provision of post-Brexit banking and financial services, the continuity of which is at risk (II). In this respect, the HCJP considered it necessary to draw up recommendations involving, inter alia, convergence in European legislation and enforcement.

. The impact of Brexit on insurance activities

Working Group chaired by Dominique Borde

12/09/18 RA21A - Report ➡ Download

As of the entry into force of Brexit, entities established or operating in the United Kingdom are no longer subject to the applicable European insurance rules and consequently no longer benefit from them. The report looks at both the impact of Brexit on the regime of insurance institutions and the fate of insurance contracts. In this regard, the report points out that once Brexit comes into effect, a British insurer will no longer be able to take out insurance contracts under which it would cover risks located in France. As such, the HCJP proposes solutions to address these difficulties such as portfolio transfer to EU entities or the implementation of the outsourcing regime.

. Synopsis note on Brexit reports submitted to the HCJP

Working Group chaired by Gérard Gardella

06/07/18 RA18A - Report ➡ Download

The London Financial Centre concentrates a large proportion of the European Union’s banking, finance, and insurance activities. This situation, after Brexit, could raise legal difficulties for financial institutions in the European Union, as well as for their clients. The HCJP considers it necessary to address two issues as a matter of priority: the execution of contracts in progress after the United Kingdom’s exit from the Union (I) and the need for harmonization of European financial, banking and insurance legislation for contracts in progress which would present uncertainties for the co-contractors (II).

. The implications of Brexit for judicial cooperation in civil and commercial matters

Working Group chaired by Horatia Muir Watt

30/01/17 RA05A - Report ➡ Download

Because of Brexit, Britain has left the European system of mutual recognition of court decisions. UK judgments are subject to the common private international law applicable to judgments of third countries, involving cumbersome litigation procedures and creating difficulties for a contract previously concluded under UK law, but the performance of which would become contrary to EU or Member State law. The HCJP also mentions the possibility that the end of the common system may lead to a transfer of some of the legal and judicial activities of the United Kingdom to the territory of the European Union.

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