On 29 March 2017, the United Kingdom of Great Britain and Northern Ireland (UK) invoked Article 50 of the Treaty on European Union (TEU) which triggered the process for its withdrawal from the European Union, or Brexit. The invocation procedure provides that after a negotiation period of up to two years, the treaties will cease to apply with respect to that Member State.
Following a request from the UK on 20 March 2019 the European Council (Council) agreed on Thursday 21 March 2019 to extend the period provided for in Article 50(3) TEU to 22 May 2019, provided the Withdrawal Agreement endorsed by the Council on 25 November 2018 [OJ C 661, 19.2.2019, p. 1] is approved by the House of Commons by 29 March 2019 at the latest. If the Withdrawal Agreement is not approved by then, the Council has agreed to an extension until 12 April 2019. In that scenario, the UK would be expected to indicate a way forward before this date.
A no-deal scenario
ESMA had initiated a systematic analysis of the p
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