LSE and ESMA Issue Guidance on the Potential Impact of a “No-Deal Brexit”

27 March 2019
View Debevoise Update
Key takeaways:
  • The LSE and ESMA have issued guidance to dual-listed companies, investment firms and other market participants on the potential impact of a “no deal” Brexit.
  • If the UK leaves the EU with no deal and the EU does not grant the UK equivalence status, investment firms would be required to trade UK-listed shares that are liquid in the EU on EU trading venues.
  • Issuers seeking to list on both the LSE and an EEA regulated market after a “no deal” Brexit would be required to obtain approval of the prospectus from the FCA, as well as an EEA competent authority.