Brexit: Article 50 Triggered - What Next For UK-Based Fund Managers

The United Kingdom (UK) government has today notified the European Council of its intention to withdraw from the European Union (EU), in accordance with Article 50 of The Treaty on European Union (the Article 50 notification). This means that:

• the European Council (on behalf of the EU and having obtained the consent of the European Parliament) and the UK government must now conclude an agreement setting out the arrangements for the withdrawal of the UK from the EU;
• the Treaties (that is, The Treaty on European Union and The Treaty on the Functioning of the European Union) will cease to apply to the UK on the date that a withdrawal agreement is entered into or, failing that, two years after the Article 50 notification, unless this period is extended by agreement between the European Council (acting unanimously) and the UK; and