On June 23, 2016, the United Kingdom (UK) voted by way of an
advisory referendum to leave the European Union. While the result
will not take immediate legal effect, incoming Prime Minister
Theresa May has indicated that "Brexit is Brexit" and
that the process will go forward. This has led to substantial
uncertainty regarding the potential implications in a wide range of
sectors including IP, trade agreements, investment treaties and
commercial arbitration
According to Article 50 of the Lisbon Treaty, once notice of
intention to withdraw is given, the UK and the EU have two years to
negotiate the conditions of the UK's withdrawal including the
framework of their relationship going forward. Any agreement will
require the support of 20 out of the 27 remaining EU member states,
as well as the European Parliament (Article 238(3)(b) Lisbon
Treaty). Given this tiered legal process, the status quo will apply
until the entry into force of the withdrawal agreement or,
