Key takeaways

• BREXIT HOTLINE: Many clients will have immediate questions on the implications of Brexit. In the first instance, please feel free to get in touch with your regular Debevoise contact. Alternatively, please call Vera Losonci (+44 0207 786 9055) or Akima Paul Lambert (+44 0207 786 9006), who will direct your inquiry to the most appropriate member of our teams.
• It will be several months before the terms and precise timetable of withdrawal are known.
• Depending on the terms of exit, UK-based financial services clients may face difficulties in accessing the EU single market or the loss of advantages currently enjoyed through the passporting system.
• While the most immediate impacts on corporate transactions will likely be related to changes in market conditions, businesses considering transactions in the UK and Europe should monitor the potential development of new regulatory regimes and parallel competition law enforcement.
• Private equity sponsors and portfolio companies may face issues that include uncertainty surrounding the AIFMD marketing passport system.
• In the area of dispute resolution, clients should be aware of the potential for contractual and enforcement risk as well as uncertainty around investment treaty protection.
• Tax implications stemming from the referendum are uncertain but wide-ranging with potential effects on UK tax and on cross-border transactions within the EU.