作者：金杜律师事务所 King & Wood Mallesons
On Thursday, June 23rd, a majority of the British electorate voted in favour of leaving the European Union, setting the country on an entirely new course for the next generation.
英国当地时间6月23日，大部分英国选民投票赞同脱离欧洲联盟，使英国的下一代人踏上了一条全新的道路。
It is important to remember, of course, that overnight, nothing has changed: EU law continues to apply, as do UK laws derived from the EU.
当然，时隔一夜，一切依然如故：欧盟法律持续适用，从欧盟法律派生的英国法也会继续有效。
Only in the coming weeks and months will we begin to see the real ramifications of the vote. Indeed, the government is not legally obliged to trigger Article 50 TFEU, beginning the exit proceedings, though it will be under intense political pressure to do so. Much will depend on how quickly it attempts to repeal EU laws.
只是在未来数周乃至数月，我们才会慢慢看到公投的真正影响。尽管存在强大的政治压力，但英国政府并没有法定义务触发会启动退欧程序的《欧盟运行条约》第50条。许多事都将取决于政府准备废除欧盟法律的快慢。
While a great deal remains unknown at this stage, companies should begin considering which pieces of legislation and regulation are valuable – or unhelpful – in the context of your business, and ensure you have adequate provisions in place to cope with any such measures falling away. There will also be a role for the business community to play in helping to shape Britain's future relationship with Europe.
虽然目前存在大量未知因素，但公司应当开始考虑，对您的业务而言，哪些法规有用，哪些没用，并确保为应对这些即将失效的措施作好充分准备。在重塑英国与欧盟的未来关系中，商业界也将扮演角色。
King & Wood Mallesons has been studying the implications of Brexit over an extended period, working with clients, industry leaders, academics, heads of both the ‘in’ and ‘out’ campaigns, media influencers and others to offer a 360° view of the implications of Brexit for clients. We have outlined below some of the key initial considerations in different areas.
一段时间以来，金杜律师事务所一直在研究英国退欧的影响，与客户、行业领军者、学界、“留欧”和“退欧”两派的领袖、对媒体有举足轻重影响的人物以及其他各方合作，为客户360度全方位阐述退欧的影响。下面我们概述了不同领域一些初步需要考虑的关键问题。
We would be happy to discuss in more detail the implications of today's vote for your business.
我们很乐意更详细探讨今天公投对您的业务的影响。
Dispute resolution 争议解决
Parties to international commercial contracts should always be prepared in case relations turn sour and we see three key issues for those parties to consider today: jurisdiction clauses; choice of law clauses and lis pendens.
国际商务合同各方应当随时为关系恶化做好准备，我们认为各方目前需要考虑三个关键问题：管辖权条款、法律选择条款和未决诉讼。
Jurisdiction clauses: Can I still rely on an English jurisdiction clause? 管辖权条款：我能否继续依赖英国管辖权条款？
The EU regime that supports choice of jurisdiction clauses will fall away and it is uncertain what (if anything) will take its place.
支持选择管辖权条款的欧盟制度将不再适用，替代规定（若有）尚不确定。
The English Court is likely generally to continue to uphold jurisdiction clauses.
英国法院可能通常情况下会继续支持管辖权条款。
It is less certain how EU national Courts will view a choice of English jurisdiction, once freed from the shackles of EU regulation (which only applies to a choice of Court of a fellow Member State).
一旦脱离欧盟规定（只在选择某成员国法院时适用）的桎梏，欧盟成员国法院对企业选择英国管辖权的看法更为不确定。
However, we may also see the revival of powerful English anti-suit injunctions, to bring a halt to proceedings in EU national Courts where the English Court has been chosen; which may see the English Court become more popular than ever.
然而，英国强大的禁诉令可能复苏，如果选择了英国法院，在欧盟成员国法院进行的程序就会因此停止；这样，选择英国法院的情况可能将超过以往。
So, yes, broadly you can still have confidence in an English jurisdiction clause.
所以，是的，您可以继续对英国管辖权条款抱有信心。
Choice of law clauses: Can I still rely on an English choice of law clause?
法律选择条款：我能否继续依赖英国的法律选择条款？
Again, the EU regime upholding these will fall away.
同样，支持法律选择的欧盟制度将不再通行。
However, EU national Courts will still be bound by the same requirement to respect a choice of English law by the regulation (which will continue to bind them).
但是，欧盟成员国法院仍将受到同样要求的约束，规定选择的英国法依然要受这些法院尊重（规定的约束力将持续）。
The English Court is likely to uphold choice of law clauses.
英国法院可能会继续支持法律选择条款。
So, yes, broadly you can still rely on an English choice of law clause.
所以，是的，很大程度上您可以继续依赖英国的法律选择条款。
Lis pendens: Is there a risk I will be dragged into litigation in England AND the EU?
未决诉讼： 我是否有同时被拖入英国和欧盟的诉讼的风险？
The intra-EU lis pendens doctrine, which helps to avoid parallel proceedings, will fall away, which may result in more overlapping litigation in England and the EU.
欧盟内部关于未决诉讼的司法原则有助于避免平行诉讼，这些原则将不再适用，可能导致英国与欧盟之间产生更多重叠诉讼。
However, again, the English Court will have the advantage of anti-suit injunctions at its disposal to regulate such situations.
然而，同样，英国法院将可以运用禁诉令这一有力武器来约束这类情形。
So, there is a risk, but the English Court has powerful tools to deal with this, if English jurisdiction has been provided for.
所以，风险存在，但如果已规定了英国管辖权，英国法院将有应对风险的有力工具。
Financial services 金融服务
Although it is now largely a case of waiting to see how the exit will be negotiated and what form the future UK-EU relationship will take, firms can and should be getting their Brexit planning underway.
尽管目前很大程度上人们在静观退欧磋商将如何进行，以及未来英国-欧盟关系将采取何种形式，但企业也应当着手进行退欧规划。
Financial services firms need to understand how various Brexit scenarios might affect their business, and be prepared to lobby for what they believe will be the best outcome.
金融服务公司需要理解不同的退欧情况可能如何影响其业务，并为获得自认为最好的结果做好游说的准备。
Passporting and single market access are likely to be key factors for many firms and those operating across the EU need to be prepared for what they will do if those rights disappear.
可能对许多公司来说，通行制度和统一市场准入是关键因素，而如果这些权利消失，在全欧盟范围内经营的公司需要做好准备。
As negotiations can be expected to take a number of years, firms do not need to be overly anxious about immediate change.
由于退欧磋商预期将持续数年，公司不必为立刻做出改变而过度焦虑。
Equally, however, now is not the time to watch from the sidelines, as there may be opportunity to influence the shape of things to come, or at least to keep the pressure on the government to provide as much certainty as possible on key questions at an early stage.
但是同样，现在不应该隔岸观火，因为毕竟可能有机会为未来的发展施加影响，或者至少持续对政府施压，要求在早期阶段获得尽可能高的确定性。
We do not expect Brexit to lead to a wave of deregulation, and firms certainly should not be dropping their regulatory change projects implementing EU reforms.
我们预计退欧不会引发一轮管放松管制，因此公司显然不应该将实施欧盟改革的监管变革项目半途而废。
Even if it does not happen immediately, there is unlikely to be such a good opportunity to reassess and review financial services regulation in the UK. Therefore, once essential Brexit planning has been dealt with, firms could usefully be starting to think ahead to what changes they might lobby for in future. See our earlier publication (i.e. Brexit--a financial services perspective) for the potential impacts on financial services.
即便放松管制不会立即发生，也不太可能出现重新评估和修改英国金融服务监管规定的大好机会。因此，一旦基本的退欧规划好，公司就可以开始为未来着想，考虑可以游说促成的变革，这将大有裨益。阅读我们之前的文章（详见6月3日发表的《从金融服务角度谈英国退欧》）了解对金融服务的潜在影响。
Private Equity 私募股权
There is huge uncertainty about the future shape of private equity regulation for UK-based private equity firms, and their ability to market their funds across Europe. On the other hand, EU-based fund managers will not want to lose access to UK investors, and may push the Commission to agree a marketing regime which secures two-way access.
对位于英国的私募股权公司来说，未来私募股权的监管和公司向全欧洲销售基金的能力都存在着巨大不确定性。一方面，位于欧盟国家的基金管理公司将不想失去获得英国投资者的机会，并可能推动欧盟委员会同意保障双向进入权的销售制度。
It will take years to sort out the full ramifications of the vote, although of course in the short-term, nothing changes.
完全理清本次公投的影响将花费数年的时间，不过，诚然，短期内一切都没变。
In the longer term, we do not expect much deregulation in the UK. Some regulation might be eased or tailored for firms that do not want to actively market in other EU member states, but for most UK-based private equity firms, any deregulatory effects will be gradual and marginal.
长期来看，我们不认为英国的监管将会放宽很多。一些监管可能会变得宽松，但可能这些更为宽松的法规只适用于不在其他欧盟成员国大量销售商品的公司。对于英国的私募股权公司而言，任何管制的放松都将是逐步性的、少量的。
On the other hand, UK-based venture capital fund managers may lose access to the EuVECA passport, unless access to that can be negotiated as part of the leaving arrangements - but they will take many years to negotiate. Investment from the European Investment Fund must now be in doubt. Perhaps the British Business Bank will step into the breach.
另一方面，英国的风投基金管理公司或将无法参与欧盟风险投资基金通行制度，除非英国能在脱欧协议中就此提出谈判，但这将需要经过多年的磋商方可达成。欧盟投资基金的投资目前也成问题，英国商业银行或将面临违约。
Meanwhile, the negotiations over AIFMD 2, when they begin, will now look quite different, without a British seat at the table. Any hopes that this review could yield positive results for EU based fund managers may now have receded somewhat.
同时，《另类投资基金经理指令》第2阶段的磋商情况将大有不同，因为彼时英国将缺席谈判桌。一定意义上，此次磋商很难为欧盟的基金管理公司带来利好消息。
On the deals front, currency movements may create some buying opportunities for non-sterling denominated funds, but uncertainty will make for a difficult investing environment in the UK for the foreseeable future.
就目前进行的交易而言，汇率波动或将创造一些购买以非英镑计值基金的机会，但是不确定因素将导致英国在可见将来的投资环境变得更加艰难。
Employment 就业
While it remains ‘business as usual’ pending exit negotiations, inevitably over the longer term, significant and wide-ranging legislative change is likely.
在退欧谈判的过程中，情况可能“一切如常”，但长期来看，英国的法规将不可避免地在多个领域发生重大变化。
Employers may wish to communicate with their workforce about the referendum outcome and its impact on them, as the leave vote will no doubt cause significant anxiety within some businesses and sectors.
雇主们将希望能就公投结果及影响与雇员进行沟通，英国脱欧公投结果无疑将在一些公司和部门造成巨大担忧。
Businesses who anticipate a negative impact from Brexit may wish to review their redundancy and restructuring policies at an early stage.
预计将受到脱欧不利影响的公司或将希望提前审阅裁员计划和重组方案。
Employers that rely on non-UK EU nationals for a significant proportion of their workforce will need to make contingency plans for the longer term in anticipation of changes to immigration rules.
拥有大量非英国籍欧盟员工的雇主需要制定应急计划，以应对日后或将变化的移民政策。
EU, Competition and Regulatory 欧盟、竞争与监管
In the short term the status will remain unchanged – at least as far as the legal parameters of doing business are concerned: EU law will continue to apply and UK law based on EU law will remain applicable.
短期来看，情况将保持不变，至少在企业经营监管方面是如此，因为欧盟法律将继续适用，基于欧盟法律制定的英国法律也将继续适用。
This means that current cases before competition authorities, such as mergers or cartel investigations, and before courts, such as appeals of infringement decisions or claims for cartel damages, will continue, based on the laws and procedures applicable before the Brexit vote.
这意味着，退欧公投前适用于英国的各项法律和程序都将继续适用于竞争监管部门进行的审查，如合并或卡特尔审查，也将继续适用于各法院审理此类案件的情况，如对侵权判决的上诉、就卡特尔造成损失提出索赔等。
Even in the long-term, British companies trading with Continental Europe will in practice need to continue to comply with EU regulation to secure access to the market and comply with the EU’s laws on merger control and the EU cartel prohibition.
即便从长期来看，要与欧洲大陆进行贸易，英国公司实际上仍将遵循欧盟法规，以确保能进入欧盟市场，并且要遵循欧盟的合并管制和禁止卡特尔的规定。
For example, the EU Commission routinely reviews mergers between non-EU parties where the parties have significant EU turnover, and fines non-EU cartelists where they have sold their products into the EU.
比如，在非欧盟各方的合并案中，如果各方在欧盟有大量销售，欧盟委员会将照例审查这种合并案，并且对在欧盟销售商品的非欧盟卡特尔成员进行罚款。
However, with respect to mergers and cartels, following an exit from the EU, companies may face parallel merger control reviews and cartel investigations in both the EU – by the European Commission – and in the UK – by the Competition & Markets Authority.
然而，就合并和卡特尔管制而言，企业在英国退欧之后或将面临双重合并管制或卡特尔审查，一方面欧盟委员会将进行审查，另一方面，英国的竞争和市场管理局也将开展调查。
The business community should remember that the substantive competition law of the EU and the UK are basically identical, for all practical purposes. As such, they should maintain the same level of vigilance and procedures to ensure continuous compliance with competition law and readiness for a “dawn” raid: only the nationality of the unsuspected visitors may change!
商界也须明白，为方便实施，很大一部分欧盟竞争法和英国竞争法的内容基本上是相同的。考虑到上述情况，各企业也须保持警惕，落实相关程序以确保遵循竞争法相关规定，并为“突袭检查”做好准备，因为实际上只有“突袭者的国籍”会发生改变！
Real Estate 房地产
After months of uncertainty in anticipation of the referendum, we now have decision and can look to areas where we may see growth as a result of Brexit.
数月以来，公投的结果一直具有很大不确定性，我们现在认为，脱欧将带动以下领域的增长。
The civil service will need to expand to cope with the implementation of regulation that had previously been handled at an EU-level. It will also be occupied with negotiating the terms of our exit and any future free trade deals. The government will need to work hard to ensure passporting rights are maintained, and logic dictates that this must be high on the City’s agenda. If we maintain our passporting provisions, then we won’t see the exodus from the City that some have predicted.
行政部门将有所扩大，以实施原本由欧盟执行的法规。同时，行政部门还将忙于进行退欧协议的谈判，并制定日后自由贸易的条款。政府将竭力保留英国的“通行权利”，按理来说，这将被提至伦敦的最高议程。如果我们能保留通行权利，我们就不会看到某些人预计将发生的“大批迁出”的情况。
If companies do decide, or are forced, to relocate to the EU following a Brexit, our continental real estate practice is poised to assist clients.
如果英国退欧之后一些公司决定搬迁，或被迫搬迁，我们在欧洲大陆的房地产团队已准备好协助客户。
Energy 能源
It is far too early to determine the full impact of Brexit on the energy and infrastructure sector. Much rests on how the UK positions itself after Brexit. We look at considerations for firms operating within the energy and infrastructure sector.
现在要确定英国退欧对能源和基础设施所带来的所有影响仍为时过早。其中的许多方面将取决于英国在退欧后对其自身的定位。下面我们探讨能源和基础设施行业内公司面临的问题。
What is the effect of a Brexit on national renewable targets?
脱欧将对国家可再生能源目标带来何种影响？
The EU has imposed on the UK a target to source 15% of its energy from renewables by 2020 under Directive 2009/28/EC, to fit within the EU's overall target of 20% by 2020.
根据欧盟《促进可再生能源使用指令》2009/28/EC的规定，英国2020年的可再生能源比率须达到15%，以实现欧盟的可再生能源比率达到20%的目标。
The UK also has its own domestic climate change targets established by the Climate Change Act 2008 (‘the Act’), therefore the UK would still need to reduce emissions, unless the Act were repealed.
英国国内也通过《2008年气候变化法》，建立了应对气候变化的目标，因此除非该法被废除，否则英国仍需要减少排放。
Outside of the EU, the Government may choose to allow longer lifetimes for coal fired power plants given falling capacity margins. This is unlikely to occur, however, as closure of these plants could be a condition of a post-Brexit deal with the EU.
脱离欧盟后，英国政府或将基于发电容量率下降的原因推迟关闭燃煤电厂。然而，这种情况不太可能实现，因为关闭上述电厂可能是脱欧后英国与欧盟谈判的一项条件。
Will the UK still be a member of the EU Emissions Trading Scheme?
英国仍将是欧盟排放贸易体系中的一员吗？
Being a member of the EU is not compulsory for membership of the EU Emissions Trading Scheme ('EU ETS’). Norway was the first non-European Union country to become a member of the EU ETS and Switzerland is currently in negotiations to link the Swiss ETS with the EU ETS.
加入欧盟排放贸易体系不必是欧盟成员国。挪威是第一个加入欧盟排放贸易体系的非欧盟成员，瑞士目前正就建立本国排放贸易体系与欧盟排放贸易体系之间联系展开谈判。
It remains to be seen if the UK will end participation in the EU ETS, which in turn could mean removal of emissions taxes, or more likely the development of an alternative taxation regime.
目前仍不确定英国是否会退出欧盟排放贸易体系，其退出或将导致英国取消排放税，或引入其他替代性税收制度。
What impact there will be on trading and transferring EU emission allowances between UK and EU entities is also unknown.
目前仍不清楚退欧将对英国和欧盟的实体交易或转让欧盟排放配额造成何种影响。
Will there be EU Funding for energy and infrastructure investment in the UK?
英国的能源和基础设施项目是否将得到欧盟资金？
It is unclear if the European Investment Bank (‘EIB’) will continue to provide loans for infrastructure projects in the UK. The EIB increased lending to the UK in 2015 to €7.7 billion, of which two thirds (€5.5 billion) was provided to infrastructure.
目前不清楚欧洲投资银行（EIB）是否将继续为英国的基础设施项目提供贷款。2015年，欧洲投资银行对英贷款达77亿欧元，其中2/3的资金（55亿欧元）投入基础设施项目。
The UK is a big recipient of the EIB’s Climate Awareness Bond Project, it is unknown if the UK would still continue to receive EIB funding if it left the EU.
英国是EIB的气候意识债券计划的较大受益方，目前仍不确定英国脱欧之后是否仍能获得EIB的资金。
Investors will seek to know under what conditions they will continue to have access to EU financial support if their investment in energy infrastructure has any connection to the UK.
投资者想知道，如果他们在能源和基础设施方面的投资与英国相关，要想获得欧盟的资金支持，他们将要满足何种条件。
Will the UK benefit from not being subject to State Aid rules?
不再受限于国家援助规则对英国而言是否有好处？
Leaving the EU would mean that the UK will not be subjected to the need for State Aid approval. This can increase the speed by which the UK government approves major industrial policy and infrastructure projects.
脱欧将意味着英国不必再履行国家援助规则的要求，这将加快英国政府批准重大工业政策和基础设施项目的审批速度。
For existing schemes, such as the Contracts for Difference (‘CFD’) or Feed-in Tariffs (‘FIT’), it is anticipated there will be little impact. However new infrastructure projects may face less regulatory burden.
如差价合约、固定电价制度等现行制度将受到一些影响。然而，新的基础设施项目面临的监管或将有所放松。
Access to and operating transmission networks
输电网络准入与运营
It is unclear on what terms UK energy suppliers will have access to European transmission networks and how Brexit would affect any ongoing energy supply contracts.
目前不清楚英国能源供应商将基于何种条款进入欧洲输电网络，及退欧将对目前仍有效的能源供应合同产生何种影响。
Brexit may slow the cross-border trading of electricity across interconnectors between the UK and the EU.
英国脱欧或将导致英国与欧盟的联网线路间跨境电力交易放慢。
