Brexit Headline Checklist

by White & Case LLP

This checklist is designed to set out some of the key questions which businesses will need to consider in their initial planning phase as they evaluate their existing structures and operations and the potential impact of Brexit on them.

Any such review of the issues at this stage has to be conducted against a background of uncertainty.

  • The impact on businesses will be highly dependent on the final form of the post-Brexit relationships which the UK has with the EU and with other non-EU nations.
  • Multiple negotiations will need to take place with different parties and negotiating structures on, potentially, different timelines.
  • Those negotiations will need to cover not only the terms of the new relationships, but also the terms of the UK's withdrawal from the EU and transitional arrangements.
  • The extent to which UK and EU laws will ultimately diverge will also depend on future political decisions in the UK as to which elements of EU-derived/mandated law should be retained in its domestic legislation.

Nonetheless, as the picture progressively clears over the coming weeks and months, the number of scenarios which businesses need to consider in their contingency planning will reduce and, even before full clarity is achieved, various potential impacts can be identified.

Freedom of movement

  • How would your business be impacted by restrictions on freedom of movement of workers between the EU and the UK and the potential need for visas or residence permits, possibly even before Brexit becomes effective?
  • Will your ability to recruit or second staff be affected?
  • How might that impact your operations and costs?
  • Should you consider adapting your recruitment policies going forward?

Supply of services

  • To what extent do your operations or legal structure and the location of your people depend on existing passporting or similar regimes enabling financial or other services to be provided from the UK to other EU member states or vice versa?
  • To what extent do your operations depend on liberalised access to the services markets of other non-EU countries pursuant to free trade agreements (FTAs) to which the EU is a party?
  • Will you need to consider relocation to another EU member state?
  • What challenges would you face in implementing a relocation – for example, client or commercial counterparty consents, or tax or regulatory consents? What sort of timelines could they involve?

Supply of goods

  • To what extent does your business or supply chain involve supplies of goods between the UK and other EU member states or other countries with which the EU has trade agreements?
  • Will you need to consider relocation to another EU member state if your ability to supply goods between the UK and the EU could be compromised, for example due to CE marks requirements or due to equivalency arrangements on product safety not being in place?
  • How would your business be impacted by the imposition of tariffs or non-tariff barriers if post-Brexit arrangements do not preserve the status quo in relation to those?

Existing contracts

  • What issues could arise under your existing contracts?
  • Might they need amendment and how do they allocate the risks?
  • Issues to consider could include:
    • Do they contain specific references to EU territories, laws or regulators?
    • If there is a concern over whether the contract can continue to be performed in the manner originally contemplated, what will the impact be of force majeure, change in law or similar provisions? Might there even be a risk that the contract could be treated as frustrated entirely?
    • Could additional tariffs or costs arising due to Brexit render the contract uneconomic to perform on current terms?
    • If you have M&A transactions waiting to close, what conditions or termination rights could be triggered, allowing either party to refuse to close?
    • Could there be an impact on your ability to enforce against assets in other EU member states?


  • If you have financings that have yet to close, what conditions, termination rights or drawstops could be triggered? What Brexit flex rights ("Flexit") do your creditors have?
  • Could exchange rate or interest rate movements or other market impacts of the UK's vote to leave or subsequent developments have a sufficiently adverse impact on your business to create a risk of breach of financial covenants in financing agreements?
  • How are your financial ratios determined and could exchange rate movements and volatile spot rates affect these (in particular if the testing mechanism does not provide for the use of average rates)?
  • Does your current financing contain material adverse effect clauses and could these be triggered?
  • If you have upcoming financing or refinancing needs, what alternative finance provider options might be available if the general European loan and debt capital markets are suffering disruption or dislocation?
  • Does your current financing provide committed (or uncommitted) acquisition lines? If the UK's vote to leave or subsequent developments give rise to M&A opportunities for you (e.g. as others exit markets or businesses), do you have available financing to take advantage of this?
  • Would any change to the UK's credit rating affect your credit rating and what impact might this have on your business?

EU funding

  • What sources of grants or other funding from the EU are relevant to your business?
  • Do you currently have the European Investment Bank, the European Investment Fund or any other EU institution as a lender, investor or guarantor?
  • How might the loss of that funding affect your business?

Public procurement

  • If you are a UK business, do you participate in public procurement tenders in other EU member states relating to industries where non-EU parties may be excluded from the process?
  • To what extent do your operations depend on liberalized access to the procurement markets of other non-EU countries pursuant to the public procurement chapters of FTAs to which the EU is a party?

Data protection

  • Do you transfer personal data (e.g. customer data or HR data) between the UK and other EU member states?
  • Are the major data processing decisions for your business (i.e. decisions about how and why personal data are processed) taken in the UK, another EU member state or a jurisdiction outside the EU?
  • Does your business engage service providers in other EU member states to process personal data on its behalf (e.g. payroll service providers or cloud storage solutions)?

Intellectual property

  • To what extent does your business currently rely (only) on pan-EU IP rights (e.g. EU trade marks and Community designs) for protection in the UK?
  • How might your IP filing and management strategy be affected?
  • Have any of your UK companies registered any .eu domain names?
  • Are you relying on pan-EU injunctions that you have obtained in the past from EU national courts to protect your IP rights in the UK?
  • Are you currently seeking or planning to seek an injunction only from a UK court in order to protect your IP rights in other EU member states?
  • Do your licences and other IP-related agreements require modification, in particular with regard to their geographical scope and the IP rights covered (e.g. inclusion of potential national UK rights that may be established as successor or transitional rights for pan-EU rights)? In particular, to what extent do you use third party IP in the UK on the basis of licences that have been granted to you for the territory of the EU?


  • To what extent do the tax efficiency of your business operations, your capital structure or your profit repatriation strategies depend upon EU Directives and EU law?
  • How might future capital raising involving clearance services or depositary receipt systems be affected in the absence of an applicable Capital Duties Directive?

Environmental law

  • Does your business currently benefit from emissions allowances under the EU Emission Trading System (ETS)?

Internal controls and compliance policies

  • To what extent are your compliance policies or strategies or your internal controls tailored to EU laws and regulations?
  • Might they need to be adapted going forward to accommodate divergence between EU and UK requirements and enforcement approaches going forward?

Your counterparties

  • How are your suppliers, customers and commercial partners likely to be affected by the issues outlined above and the other implications of Brexit?
  • What impact could that have on your business?

Disclosure and communications

  • Consider whether you need to make any public statements or disclosures in relation to the potential impact of Brexit on your business under any applicable listing rules.
  • Do you need to say anything in your annual report or interim financial statements?
  • Do you need to start talking to suppliers, customers and commercial partners about the issues?
  • What is your strategy for communicating with your staff about the potential impacts on your business and the implications for them?

Click here to download PDF of this checklist.

Register for our 28 June 2016 Webinar: The UK votes to leave the EU. What happens now?

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© White & Case LLP | Attorney Advertising

Written by:

White & Case LLP

White & Case LLP on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide

JD Supra Privacy Policy

Updated: May 25, 2018:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

This Privacy Policy describes how JD Supra, LLC ("JD Supra" or "we," "us," or "our") collects, uses and shares personal data collected from visitors to our website (located at (our "Website") who view only publicly-available content as well as subscribers to our services (such as our email digests or author tools)(our "Services"). By using our Website and registering for one of our Services, you are agreeing to the terms of this Privacy Policy.

Please note that if you subscribe to one of our Services, you can make choices about how we collect, use and share your information through our Privacy Center under the "My Account" dashboard (available if you are logged into your JD Supra account).

Collection of Information

Registration Information. When you register with JD Supra for our Website and Services, either as an author or as a subscriber, you will be asked to provide identifying information to create your JD Supra account ("Registration Data"), such as your:

  • Email
  • First Name
  • Last Name
  • Company Name
  • Company Industry
  • Title
  • Country

Other Information: We also collect other information you may voluntarily provide. This may include content you provide for publication. We may also receive your communications with others through our Website and Services (such as contacting an author through our Website) or communications directly with us (such as through email, feedback or other forms or social media). If you are a subscribed user, we will also collect your user preferences, such as the types of articles you would like to read.

Information from third parties (such as, from your employer or LinkedIn): We may also receive information about you from third party sources. For example, your employer may provide your information to us, such as in connection with an article submitted by your employer for publication. If you choose to use LinkedIn to subscribe to our Website and Services, we also collect information related to your LinkedIn account and profile.

Your interactions with our Website and Services: As is true of most websites, we gather certain information automatically. This information includes IP addresses, browser type, Internet service provider (ISP), referring/exit pages, operating system, date/time stamp and clickstream data. We use this information to analyze trends, to administer the Website and our Services, to improve the content and performance of our Website and Services, and to track users' movements around the site. We may also link this automatically-collected data to personal information, for example, to inform authors about who has read their articles. Some of this data is collected through information sent by your web browser. We also use cookies and other tracking technologies to collect this information. To learn more about cookies and other tracking technologies that JD Supra may use on our Website and Services please see our "Cookies Guide" page.

How do we use this information?

We use the information and data we collect principally in order to provide our Website and Services. More specifically, we may use your personal information to:

  • Operate our Website and Services and publish content;
  • Distribute content to you in accordance with your preferences as well as to provide other notifications to you (for example, updates about our policies and terms);
  • Measure readership and usage of the Website and Services;
  • Communicate with you regarding your questions and requests;
  • Authenticate users and to provide for the safety and security of our Website and Services;
  • Conduct research and similar activities to improve our Website and Services; and
  • Comply with our legal and regulatory responsibilities and to enforce our rights.

How is your information shared?

  • Content and other public information (such as an author profile) is shared on our Website and Services, including via email digests and social media feeds, and is accessible to the general public.
  • If you choose to use our Website and Services to communicate directly with a company or individual, such communication may be shared accordingly.
  • Readership information is provided to publishing law firms and authors of content to give them insight into their readership and to help them to improve their content.
  • Our Website may offer you the opportunity to share information through our Website, such as through Facebook's "Like" or Twitter's "Tweet" button. We offer this functionality to help generate interest in our Website and content and to permit you to recommend content to your contacts. You should be aware that sharing through such functionality may result in information being collected by the applicable social media network and possibly being made publicly available (for example, through a search engine). Any such information collection would be subject to such third party social media network's privacy policy.
  • Your information may also be shared to parties who support our business, such as professional advisors as well as web-hosting providers, analytics providers and other information technology providers.
  • Any court, governmental authority, law enforcement agency or other third party where we believe disclosure is necessary to comply with a legal or regulatory obligation, or otherwise to protect our rights, the rights of any third party or individuals' personal safety, or to detect, prevent, or otherwise address fraud, security or safety issues.
  • To our affiliated entities and in connection with the sale, assignment or other transfer of our company or our business.

How We Protect Your Information

JD Supra takes reasonable and appropriate precautions to insure that user information is protected from loss, misuse and unauthorized access, disclosure, alteration and destruction. We restrict access to user information to those individuals who reasonably need access to perform their job functions, such as our third party email service, customer service personnel and technical staff. You should keep in mind that no Internet transmission is ever 100% secure or error-free. Where you use log-in credentials (usernames, passwords) on our Website, please remember that it is your responsibility to safeguard them. If you believe that your log-in credentials have been compromised, please contact us at

Children's Information

Our Website and Services are not directed at children under the age of 16 and we do not knowingly collect personal information from children under the age of 16 through our Website and/or Services. If you have reason to believe that a child under the age of 16 has provided personal information to us, please contact us, and we will endeavor to delete that information from our databases.

Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

  • Our Legal Basis for Processing: Generally, we rely on our legitimate interests in order to process your personal information. For example, we rely on this legal ground if we use your personal information to manage your Registration Data and administer our relationship with you; to deliver our Website and Services; understand and improve our Website and Services; report reader analytics to our authors; to personalize your experience on our Website and Services; and where necessary to protect or defend our or another's rights or property, or to detect, prevent, or otherwise address fraud, security, safety or privacy issues. Please see Article 6(1)(f) of the E.U. General Data Protection Regulation ("GDPR") In addition, there may be other situations where other grounds for processing may exist, such as where processing is a result of legal requirements (GDPR Article 6(1)(c)) or for reasons of public interest (GDPR Article 6(1)(e)). Please see the "Your Rights" section of this Privacy Policy immediately below for more information about how you may request that we limit or refrain from processing your personal information.
  • Your Rights
    • Right of Access/Portability: You can ask to review details about the information we hold about you and how that information has been used and disclosed. Note that we may request to verify your identification before fulfilling your request. You can also request that your personal information is provided to you in a commonly used electronic format so that you can share it with other organizations.
    • Right to Correct Information: You may ask that we make corrections to any information we hold, if you believe such correction to be necessary.
    • Right to Restrict Our Processing or Erasure of Information: You also have the right in certain circumstances to ask us to restrict processing of your personal information or to erase your personal information. Where you have consented to our use of your personal information, you can withdraw your consent at any time.

You can make a request to exercise any of these rights by emailing us at or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
  • Onward Transfer to Third Parties: As noted in the "How We Share Your Data" Section above, JD Supra may share your information with third parties. When JD Supra discloses your personal information to third parties, we have ensured that such third parties have either certified under the EU-U.S. or Swiss Privacy Shield Framework and will process all personal data received from EU member states/Switzerland in reliance on the applicable Privacy Shield Framework or that they have been subjected to strict contractual provisions in their contract with us to guarantee an adequate level of data protection for your data.

California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at:

JD Supra Cookie Guide

As with many websites, JD Supra's website (located at (our "Website") and our services (such as our email article digests)(our "Services") use a standard technology called a "cookie" and other similar technologies (such as, pixels and web beacons), which are small data files that are transferred to your computer when you use our Website and Services. These technologies automatically identify your browser whenever you interact with our Website and Services.

How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

  1. Improve the user experience on our Website and Services;
  2. Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
  3. Track anonymous site usage; and
  4. Permit connectivity with social media networks to permit content sharing.

There are different types of cookies and other technologies used our Website, notably:

  • "Session cookies" - These cookies only last as long as your online session, and disappear from your computer or device when you close your browser (like Internet Explorer, Google Chrome or Safari).
  • "Persistent cookies" - These cookies stay on your computer or device after your browser has been closed and last for a time specified in the cookie. We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.
  • "Web Beacons/Pixels" - Some of our web pages and emails may also contain small electronic images known as web beacons, clear GIFs or single-pixel GIFs. These images are placed on a web page or email and typically work in conjunction with cookies to collect data. We use these images to identify our users and user behavior, such as counting the number of users who have visited a web page or acted upon one of our email digests.

JD Supra Cookies. We place our own cookies on your computer to track certain information about you while you are using our Website and Services. For example, we place a session cookie on your computer each time you visit our Website. We use these cookies to allow you to log-in to your subscriber account. In addition, through these cookies we are able to collect information about how you use the Website, including what browser you may be using, your IP address, and the URL address you came from upon visiting our Website and the URL you next visit (even if those URLs are not on our Website). We also utilize email web beacons to monitor whether our emails are being delivered and read. We also use these tools to help deliver reader analytics to our authors to give them insight into their readership and help them to improve their content, so that it is most useful for our users.

Analytics/Performance Cookies. JD Supra also uses the following analytic tools to help us analyze the performance of our Website and Services as well as how visitors use our Website and Services:

  • HubSpot - For more information about HubSpot cookies, please visit
  • New Relic - For more information on New Relic cookies, please visit
  • Google Analytics - For more information on Google Analytics cookies, visit To opt-out of being tracked by Google Analytics across all websites visit This will allow you to download and install a Google Analytics cookie-free web browser.

Facebook, Twitter and other Social Network Cookies. Our content pages allow you to share content appearing on our Website and Services to your social media accounts through the "Like," "Tweet," or similar buttons displayed on such pages. To accomplish this Service, we embed code that such third party social networks provide and that we do not control. These buttons know that you are logged in to your social network account and therefore such social networks could also know that you are viewing the JD Supra Website.

Controlling and Deleting Cookies

If you would like to change how a browser uses cookies, including blocking or deleting cookies from the JD Supra Website and Services you can do so by changing the settings in your web browser. To control cookies, most browsers allow you to either accept or reject all cookies, only accept certain types of cookies, or prompt you every time a site wishes to save a cookie. It's also easy to delete cookies that are already saved on your device by a browser.

The processes for controlling and deleting cookies vary depending on which browser you use. To find out how to do so with a particular browser, you can use your browser's "Help" function or alternatively, you can visit which explains, step-by-step, how to control and delete cookies in most browsers.

Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at:

- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.