Although the world feels like it has changed overnight as a result of the Leave vote, from a legal perspective, nothing will change in the short term.
Cameron has made it clear that negotiations with the EU to exit are unlikely to progress before October this year. Even when they do start the process, that will not change the laws and regulations currently applicable to your business. Only once we have formally exited, will we have an ability to rethink laws that were based on EU legislation and/or to replace laws that derive directly from EU regulations with our own requirements (or nothing at all).
The imperative now for moving forward will be to make sure we continue to foster an environment in which cross-border trade can continue unhindered. Even when we eventually leave, there may well be a desire to maintain legislation that mirrors EU requirements in order to make cross-border business easier. The UK Government will also be likely to want to try and agree arrangements for mutual recognition of UK legislation or standards, including potentially agreeing something akin to the existing passport for EU banks and financial services businesses. They will not want to tear up the rule book and start again in the short term.
Until we exit, we will also be required to continue to implement EU legislation and, for the time being, it is likely the UK Government will be keen for us to do so.
So, although it is business as usual, from a legal perspective, there is clearly a lot to sort out and think through.
Uncertain times like this require resilience and preparation. Our business is built on our close relationships with our clients, so please be assured that we are here to talk to you.