Back to the future – but no idea when What Brexit could mean for the Anglo-European restructuring industry What happens now? On 23 June 2016, the UK voted to leave the European Union. The nature of the UK’s relationship with the EU and the rest of the world, post-Brexit (if and when Brexit happens), is uncertain. So what do we know? Actually, we do know several things: – Legally speaking, the referendum result has no immediate effect. It is only advisory.

Brexit is now a reality; what lies ahead for restructuring and insolvency law? These views are limited to English law and do not apply to credit institutions and insurance undertakings, which are subject to their own regimes in the UK and across the EU.

What, when, how? No change in the short term

England has been the jurisdiction of choice for European restructurings. While other jurisdictions have sought to revamp their insolvency law in recent years in an effort to chip away at the English dominance in the restructuring arena, the lure of the tried and tested English legislation and judiciary means that the English system has remained dominant. In the wake of Brexit, will England lose its place as jurisdiction of choice?

The true effects of the events of the last few days have yet to be seen. With the mainstream political parties acting like participants in a ‘Compose a Greek Tragedy’ competition, a government unlikely to exercise any meaningful executive functions until autumn (at least), the currency and financial markets in turmoil and the future uncertain on a range of factors, it is tempting to succumb to a condition of inaction whilst waiting to see how the cards fall.

June 2016 BREXIT A changing legal landscape? 1 INTRODUCTION Yesterday, the UK public voted for the UK to leave the European Union ( EU). This briefing discusses, in outline, the potential timetable for Brexit, the possible shape that Brexit might take and the potential impact Brexit might have on certain areas of law relevant to your business.

Introduction

You will be pleased, I hope, to hear that in this blog I shall largely be steering the referendum itself a wide berth; this is not because the prospect of Brexit would not impact greatly on insolvency law and practice (it undoubtedly would) but because I have already blogged on that topic in March and issued press releases on it in so far as it affects business decision making under the R3 banner, but mainly

You know, there’s never a dull moment when one reports on the regulatory states’ endless and so often fruitless and wrong-headed tinkering with the global economy. So now… let’s talk bail-in.

After controversial debates, Law no. 77/2016 on discharge of mortgage- backed debts through transfer of title over immovable property (the "Law on Debt Discharge") was finally published in the Official Gazette on 28 April 2016 and will enter into force on 13 May 2016.

lon_lib1\13867381\1 boothmi Navigating Regulatory Compliance Investment Management Monthly Regulatory Update March 2016 Navigating Regulatory Compliance Monthly Regulatory Update – March 2016 1. Introduction 1.1 It is our pleasure to welcome you to our first Monthly Regulatory Update for investment managers. We understand that compliance and business teams have day jobs and therefore this regulatory update provides commentary on those items which we think are important. 1.2 The Appendix lists each of the relevant announcements by the FCA, ESMA, European Parliament and other bodies.