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UK Regulation post-Brexit - Adjusting to the landscape for UK equity capital market participants

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Anne Kirkwood

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29 January 2021

With the EU and the UK having reached a free trade agreement which sets out a framework for the substantial agreements to be put in place to govern their future relationship and the UK having left the single market and the customs union, considerations may turn to changes relevant to admissions or offerings.
The “Trade and Co-operation Agreement” sets out the thinnest of arrangements for trade in financial services (see overview here).The TCA has no tangible impact on the rules relating to offerings or admissions to trading of shares, in the UK, or the continuing obligations of UK listed companies. Even so, the end of the transition period did not result in a UK legislative or regulatory vacuum. The European Union (Withdrawal) Act 2018, as amended by the European Union (Withdrawal Agreement) Act 2020 (WAA), ensured a functioning UK statute book outside of the UK’s membership of the EU by “onshoring” EU law as it applied in the UK at the end of the transition period, on 31 December 2020.