Brexit—UK listing and prospectus regime
Brexit—UK listing and prospectus regime

The following Corporate guidance note provides comprehensive and up to date legal information covering:

  • Brexit—UK listing and prospectus regime
  • Key areas of the UK listing and prospectus regime affected by Brexit
  • UK listing and prospectus regime during the implementation period
  • No deal at IP completion day—effect on the UK listing and prospectus regime
  • Statutory instruments for no deal at IP completion day
  • Accounting and audit
  • Draft Financial Services (Implementation of Legislation) Bill (fallen away)
  • FCA consultation on proposed changes to the FCA Handbook if no deal Brexit
  • London Stock Exchange amendments to rulebooks in the event of a no deal Brexit
  • ESMA Q&As
  • more

At 11pm UK time on 31 January 2020 (exit day), the United Kingdom left the European Union in accordance with a ratified Withdrawal Agreement between the UK and the EU.

The UK is now regarded by the EU as a ‘third country’, ie it is a country that is not an EU Member State or a member of the European Free Trade Association (EFTA). Nevertheless, in accordance with the Withdrawal Agreement, the UK’s relationship with the EU is currently in a transition period (referred to in the UK as the implementation period). During the implementation period, the UK remains bound by existing and new EU laws and subject to the jurisdiction of the Court of Justice of the European Union. However, it is no longer a member of the political institutions or governance structures of the EU. The implementation period is due to end on 31 December 2020 (although it may be extended once, before 1 July 2020, by a period of up to two years).

During the implementation period, the UK and the EU will seek to negotiate and enter into an agreement that will govern their ongoing relationship (the Future Relationship Agreement).

If, by 11pm UK time on 31 December 2020 (IP completion day), no ratified Future Relationship Agreement is in place or a ratified Future Relationship Agreement is in place that