Brexit—UK listing and prospectus regime
Published by a LexisPSL Corporate expert

The following Corporate practice 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
  • The Prospectus Regulation
  • Passporting of prospectuses
  • Scope of the transparency rules under DTR
  • Use of International Financial Reporting Standards (IFRS)
  • UK market abuse regime
  • Exemptions to the financial promotion regime relating to EEA approved/issued documents
  • The UK listing and prospectus regime during the implementation period
  • The UK listing and prospectus regime since 1 January 2021
  • More...

Brexit—UK listing and prospectus regime

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.

During the implementation period (which ended at 11pm UK time on 31 December 2020, referred to as ‘IP completion day’), the UK and the EU sought to negotiate an agreement to govern their future relationship.

In preparation for Brexit, the European Union (Withdrawal) Act 2018 (EU(W)A 2018) was passed, which repealed the European Communities Act 1972 (ECA 1972) on exit day.

The European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020) was passed to facilitate the ratification and implementation of the Withdrawal Agreement into UK law, as well as to make provision for implementation of the EEA EFTA Separation Agreement and the Swiss Citizens’ Rights Agreement.

EU(WA)A 2020 amends EU(W)A 2018. In particular, it includes specific savings and transitional provisions to ensure that the UK’s obligations under EU law during the implementation period were given domestic legal effect, notwithstanding the repeal of ECA 1972. It also replaces many of the references to ‘exit day’ in EU(W)A 2018 with references to ‘IP completion day’. On IP completion day, EU(W)A 2018 converted the existing body of directly applicable EU law into UK domestic law (known as retained EU law). Under the EU(W)A 2018, the government has powers to make statutory instruments (SIs)

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