The European Council has agreed to a “flextension” of the Brexit deadline. This means that the UK will now leave the EU on 31 January 2020, unless the UK Parliament ratifies the revised Brexit deal before then, in which case exit day will be brought forward. See our blog post here for further detail.
It is still possible that the UK will leave the EU on 31 January 2020 without a deal (if the UK Parliament has not ratified the revised Brexit deal by then and the UK Government does not secure another extension). In that context, the following will be of interest to corporate practitioners:
- Company law – The Department for Business, Energy & Industrial Strategy (BEIS) has published guidance on the legislative and practical changes to UK company law in the event of a no-deal Brexit. There is limited new guidance and the document largely just collates all the previously published guidance, with some additional clarification and expansion.
- AIM Rules – The London Stock Exchange has published AIM Notice 57 on the revisions to the AIM Rules for Companies and the AIM Rules for Nominated Advisers in the event of a no-deal Brexit. There are also some clarificatory updates to the nominated adviser eligibility provisions in the Nomad Rules.