What does IP completion day mean for DCM lawyers?

The following Banking & Finance practice note provides comprehensive and up to date legal information covering:

  • What does IP completion day mean for DCM lawyers?

What does IP completion day mean for DCM lawyers?

During the transition period, the key EU regulations effectively remained in place for DCM lawyers (see Practice Note: Brexit—impact on finance transactions [Archived]), but as of IP completion day, the picture changes significantly.

This Practice Note provides a high-level summary of the practical impact of IP completion day for DCM lawyers and links through to more detailed content.

PROSPECTUSES
Key EU legislation and Brexit SIsRegulation (EU) 2017/1129 (OJ L 168 30.6.2017 p.12) (EU Prospectus Regulation)
Retained Regulation (EU) 2017/1129 (UK Prospectus Regulation)
The Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019, SI 2019/707, the Prospectus (Amendment etc.) (EU Exit) Regulations 2019, SI 2019/1234 and the Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020, SI 2020/628.
What are the key changes in practice from IP completion day?
Passporting, financial information, incorporation by referencePassporting—general UK position
As of IP completion day, the UK treats EEA states and EEA issuers in the same way as it treats other third countries and their issuers, including with regard to approving prospectuses. This means that EEA issuers wishing to make an offer of securities to the public in the UK or seeking admission to trading on a UK regulated market are first required to have a prospectus approved by the Financial Conduct Authority (FCA). This is the case

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