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 which will be affected by Brexit
  • No deal Brexit—effect on the UK listing and prospectus regime
  • Transition period agreed—effect on the UK listing and prospectus regime
  • Practical issues to consider for UK issuers undertaking an offer of shares
  • Summary of key relevant legislative and regulatory developments

The United Kingdom has voted to leave the European Union. Brexit can occur either in accordance with a ratified withdrawal agreement between the UK and the EU or automatically, if no such withdrawal agreement is entered into. The UK will then be regarded by the EU as a ‘third country’, ie a country that is not an EU Member State or a member of the European Free Trade Association (EFTA). A draft withdrawal agreement, which has been agreed at negotiator level between the UK and the EU, includes a transition period from exit day until 31 December 2020 during which the UK would generally remain subject to EU law. However, that withdrawal agreement is yet to be ratified in the UK, as it has not been possible to obtain approval of the terms of withdrawal and the framework for the future relationship in both Houses of Parliament. If the withdrawal agreement is not ratified (referred to as a ‘no deal’ Brexit) the UK will leave the EU on exit day with no framework for a future relationship in place and no transitional arrangements in relation to EU law.

For the latest on developments in the negotiation of a withdrawal agreement see ‘Brexit News’ in the Brexit timeline.

In preparation for Brexit, the European Union (Withdrawal) Act 2018 (EU(W)A 2018) was passed which will