The UK will become a 'third country' on 30 March 2019, unless a ratified withdrawal agreement establishes another date. The EC have issued two Notices to Stakeholders reminding managers of investment funds and investors of the legal repercussions which need to be considered.
The London Stock Exchange ("LSE") requires all AIM companies with securities admitted to trading on AIM to have a Legal Entity Identifier (“LEI”) code. This is in order to ensure compliance with the obligations under Markets in Financial Instrument Directive (“MiFID II") and Market Abuse Regulation, which require market operators, such as London Stock Exchange, to collate LEI codes for each issuer with securities admitted to trading.
MiFID II will introduce a new designation of “SME Growth Market” that operators of qualifying markets can voluntarily apply for. London Stock Exchange, as operator of the largest market for small and medium sized growth companies in the EU, has applied to the FCA for AIM.
The PRIIPs Regulation requires those manufacturing a packaged retail and insurance-based investment product (“PRIIP”) to draw up a key information document ("KID") containing standard information, and requires persons advising on or selling PRIIPs to provide the KID to retail investors, with effect from 1 January 2018.