Jurisdiction(s):
United Kingdom

Key definition

IP completion day definition

What does IP completion day mean? The point in time marking the end of the Brexit implementation (transition) period for UK legal purposes. In practice, it is the trigger date used in UK statutes, statutory instruments and contracts to determine when EU law stopped applying and when UK amendments took effect. It is defined in legislation: section 39 of the European Union (withdrawal agreement) Act 2020 fixes “IP completion day” as 11.00 p.m. on 31 December 2020 (UK time). Key legal effects include: establishing the snapshot for “retained EU law” under the European Union (Withdrawal) Act 2018; altering the supremacy and direct effect of EU law as...

Aviation finance: compliance, risk allocation and enforcement under the EU ETS, UK ETS and CORSIA, including liens, penalties and wet leasing issues

Published by a LexisNexis Banking & Finance expert

Practice notes

Non-compliance with emissions trading schemes may lead to civil penalties, operational prohibitions or the detention of aircraft. Accordingly, financiers need a clear grasp of the duties imposed on aircraft operators (and, in some cases, owners) by the applicable schemes and of the accompanying enforcement tools, so that these risks are properly catered for in their finance documentation. This Practice Note sets out the principal components of the leading emissions trading regimes relevant to aviation finance deals. It addresses:

the EU emissions trading system (EU ETS)
the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) (and its integration into the EU ETS)
the UK emissions trading system (UK ETS)

Introduction to the key emissions trading schemes

The EU ETS, CORSIA and the integration of CORSIA into the EU ETS

The relationship between these regimes, including how CORSIA is integrated into the EU ETS, is outlined to support aviation finance transactions and risk allocation in documentation...

The EU ETS

Aviation has formed part of the EU ETS since 2008, with 2012 marking the first full year of compliance. In its initial iteration, the EU ETS captured emissions from flights arriving in and departing from Europe, encompassing emissions produced outside, as well as within, EU airspace...

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Web page updated on 21/05/2026

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