The United Kingdom (UK) on March 29, 2017 gave notice under Article 50 of the Treaty on the European Union that it intended to leave the European Union (EU). The UK’s departure (so-called “Brexit”) is scheduled to take effect on March 29, 2019. The UK government and the leaders of the other 27 EU member states have subsequently approved a 585-page Withdrawal Agreement setting out the terms on which the UK will leave the EU, together with a 36-page non-legally binding Political Declaration on the proposed future arrangements between the UK and the EU. The Withdrawal Agreement contemplates a transition period – which largely maintains the status quo as between the UK and the EU – until the end of 2020.
Read "Brexit Preparations for Private Equity Firms".