Legal and regulatory developments in Equity Capital Markets 2019
Legal and regulatory developments in Equity Capital Markets 2019

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

  • Legal and regulatory developments in Equity Capital Markets 2019
  • Background and approach
  • Brexit
  • Prospectus Regulation fully in force—July 2019
  • ESMA guidelines on disclosure requirements under the Prospectus Regulation
  • ESMA risk factor guidelines
  • ESMA consultation on the Market Abuse Regulation
  • SME Growth Markets Regulation
  • Update on use of registration documents
  • Into 2020 and coronavirus (COVID–19)
  • More...

Background and approach

This review looks at legal and regulatory developments in the sphere of equity capital markets (ECM) in 2019 and forms part of our annual trend report which aims to provide insight into the current dynamics of ECM activity in the UK. The other parts of our 2019 trend report comprise:

  1. IPOs in 2019—Main Market and AIM

  2. Secondary Offers in 2019—Main Market and AIM

  3. Standard listings in 2019

  4. Risk factor disclosure in 2019 IPOs


The UK entered an implementation period on 31 January 2020 during which existing EU laws continue to apply to the UK.

The listing, prospectus and transparency regimes that apply in the UK (and are largely derived from EU law) continue to apply in the implementation period in the same way as before Brexit. However, UK representatives will no longer be permitted to participate in EU institutions and other bodies. The Financial Conduct Authority (FCA) is therefore no longer a member of any of the European Securities and Markets Authority (ESMA) regulatory bodies.

The raft of statutory instruments (SIs) adopted to deal with a no deal Brexit have been amended by paragraph 1 of Part 1 of Schedule 5 to the European Union (Withdrawal Agreement) Act 2020 to defer the implementation of their provisions from exit day until the end of the implementation period (IP completion day).

In summary, the main impact on the

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