Brexit impact on financial agreements and judicial cooperation in commercial matters
In this Q&A we first outline the impact of Brexit on (i) the choice of English law and (ii) the submission to the jurisdiction of the English courts in existing and future contracts between professional parties. In addition, we address the impact of Brexit on (iii) the recognition and enforcement of English courts’ judgements in Belgium, as well as (iv) arbitration clauses.
Over the years London has established itself as the bastion of European finance setting the standards for financial contracts often governed by the laws of England and subjected to the jurisdiction of the courts of England. As a consequence of the withdrawal of the UK from the EU, known as Brexit, which is effective as of 1 January 2021, the UK is no more an EU Member State but a third country. While everything hinted that there would be a hard Brexit, the EU and the UK unexpectedly reached an agreement on 24 December 2020, just a week before the end of the transition period. From now on, the “Trade and Cooperation Agreement” (the TCA) is the Treaty that will govern the relationship between the EU and the UK. Unfortunately, the TCA remains silent on judicial cooperation in civil and commercial matters.
Choice of law clause
Submission to jurisdiction clause
Recognition and enforcement of English courts’ judgements in Belgium
Arbitration clauses in financial contracts
Any other question?
Should you have any further questions relating to this Q&A, do not hesitate to reach out to our team members.
Vanessa MarquettePartner Attorney at Law
Vanessa Marquette, attorney at law, is a partner in the Banking and Finance Practice Group of our Brussels office and a member of the firmwide Restructuring & Insolvency team. She is recognized for her expertise in Banking and Finance with a focus on international finance law, regulated financial services, sustainable finance and banking litigation.T: +32 2 773 23 25 E: [email protected]
Marc VermylenManaging Partner Belgium Attorney at Law
Marc Vermylen is Managing Partner of Loyens & Loeff Brussels. He is a member of Loyens & Loeff’s Banking & Finance Practice Group and heads the global Projects Team at Loyens & Loeff. He is recognised worldwide as an expert and influential lawyer in banking law and finance law.T: +32 2 743 43 15 M: +32 475 52 31 66 E: [email protected]
Hakim BoularbahAttorney at Law Partner
Hakim Boularbah, attorney at law, is Partner and heads the Litigation & Risk Management practice group in our Brussels office. He focuses on cross-border litigation and international arbitration. He is also a member of the France Region Team and of the US Region Team.T: +32 2 773 23 50 M: +32 499 51 32 99 E: [email protected]
Olivier van der HaegenPartner Attorney at Law
Olivier van der Haegen, attorney at law, is Partner and member of the Litigation & Risk Management practice group in our Brussels office. He is experienced in dispute resolution, and focuses on international commercial arbitration. He is also a member of the Restructuring & Insolvency Team and of the France Region Teams.T: +32 2 773 23 52 M: +32 492 22 06 91 E: [email protected]
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