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ARTICLE · 25 FEBRUARY 2020

Securitisation After Brexit - Considerations For Securitisations Involving UK Entities

Mayer Brown
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The UK left the EU on 31 January 2020 at 11:00 p.m. UK time. This legal update summarises the application of EU law in the UK after Brexit, with particular reference to the Securitisation Regulation.

United KingdomFinance and Banking
Merryn Craske
Merryn Craske
Neil Macleod
Neil Macleod
Mariana Padinha Ribeiro
Mariana Padinha Ribeiro
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Introduction

The UK left the EU on 31 January 2020 at 11:00 p.m. UK time. This legal update summarises the application of EU law in the UK after Brexit, with particular reference to the Securitisation Regulation.

Brexit and the application of EU law in the UK during the transition period

On 17 October 2019, the UK and the EU entered into a withdrawal agreement in relation to Brexit (the "Withdrawal Agreement").

The Withdrawal Agreement provides for a transition period from the exit date until 31 December 2020 (unless such period is extended). During this transition period, EU directives which have already been implemented into UK law and EU regulations (which are directly applicable in EU member states without the need for any local law implementing measures) will continue to apply in the UK. New EU regulations will also automatically become part of UK law during that period. Any reference to "Member States" in such EU laws will be construed to include the UK

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