EU BUSINESS REGULATIONS IN UK
It is certainly not business as usual since British electorates opted to leave EU, now known as Brexit. Coming together in the first place was a product of a huge legal labyrinths. Disentangling the structure means another elaborate legal challenges especially to the international business community, as well as the common understanding of the legal environment by citizens.
Members of EU have uniform commercial code which are like templates for international business transactions across member nations. Of course with Brexit the equation has been altered. Some business deals that were concluded before the commencement of Brexit are clearly out of the purview of this discourse, except to watch out how UK laws would affect the status quo. However, for many of such negotiations that were not concluded before Brexit they remain ‘unfinished business’.
A bill in the making at the UK parliament shall, when passed into law, repeal such laws that subjugated UK extant business laws to the EU uniform commercial code. It would provide also the power to retain such laws that are beneficial to UK business environment and overall interest. To this end, any enforcement process against UK companies and businesses regarding compliance of EU laws would fail unless it coincides with UK laws.
Although UK has not completed the processes of exit and so not clear as to the contents of the package, it is feared that Britons living in EU nations stand to lose their rights accruing to other EU citizens. Also feared not to be available to UK citizens is the right of appeal from UK to EU Court of Justice that has been the vanguard of EU citizens human rights.
There is no doubt that EU has demonstrated global leadership in the protection of fundamental human right, insisting also that it should be the world’s parameter. Through its surveillance it warns nations derailing from the parameter to refrain from excesses. Recently such reprimand went to Polish government whose proposed judicial reforms would allow parliament and justice minister to appoint judges. Although Poland finds a strong ally in Hungary which has shown solidarity towards the reforms against possible EU criticisms and sanctions, similar situation is about to occur in Zimbabwe without a hoot from Africa Union.
Meanwhile UK business negotiations should be undertaken with the hindsight of Brexit. Except pending transactions aka ‘unfinished businesses’ sanctions and remedies are now based on UK laws. The intricacies and details shall engage the attention of subsequent comments.
Iyke Ozemena
Attorney
IKECHUKWU O. ODOEMELAM & CO Corporate Attorneys/Consultants
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