UK Adopts EU’s Blocking Statute for No-Deal Brexit

The UK Parliament has approved regulations for post-Brexit blocking statute.  The protecting against the Effects of the Extraterritorial Application of Third Country Legislation essentially causes the EU blocking statute to become a UK law, in the event of a no-deal Brexit.  The blocking statute was most visibly invoked recently in connection with the US stepping out of the JCPOA, with the EU taking the position that they wished to continue with the agreement and therefore with some Iranian trade.  To do this, the EU invoked the blocking statute.

This is a summary.  For more, click the link above.  For Explanatory Notes of this regulation, click here.

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