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Author: Russell Price
Date: 22 November 2018
Following Brexit, the intention of the UK Government is to transpose EU law into domestic law under the European Union (Withdrawal) Bill. It will be up to Parliament to then determine which elements of that law to retain, modify, replace or remove from UK law.
The majority of English company law is not derived from EU legislation. The Companies Act 2006 is the core legislation affecting the incorporation and operation of UK companies. Parts of the Companies Act 2006 has been derived from EU Directives such as the provisions relating to accounts, disclosure of information and shareholder rights.
On the 21st November 2017, the European Commission has published a notice to stakeholders on the UK's withdrawal from the EU and EU rules on company law. The notice sets out company law implications that will result from the UK leaving the single market.
The extent to which discrepancies between UK corporate law and EU corporate law occur over time will, depend on multiple factors (both political and otherwise). So far Brexit negotiations have tended not to focus on this area but businesses likely to be affected by a Brexit should identify potential areas of risk as early as possible.
It is therefore important to UK corporate bodies to monitor the discussions and identify where their businesses may fall subject to any changes.
The full notice to stakeholders can be viewed on the European Commission’s website.
Russell Price - Published on 22nd November 2018
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