Brexit; Assessing the impact on Middle Eastern issuers accessing the UK and European Capital Markets

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Many companies and other entities in the Middle East tap the UK and/or European debt and equity capital markets as part of achieving their corporate funding and broader strategic objectives. Whilst the precise legal and regulatory impact that the UK’s recent decision to leave the European Union (EU), dubbed Brexit, will have on the corporate finance market will depend on a number of factors, most notably the terms of withdrawal that are negotiated with the EU and the consequential impact on applicable legislation, we will examine some preliminary matters to be borne in mind.

Regulatory regime and “Passporting” -

Many issuers in the Middle East elect to list their debt or equity securities on European exchanges, particularly in London. Currently, the prospectus disclosure, listing and reporting regime is harmonised across the EU, by virtue of the Prospectus, Transparency and Market Abuse Directives, providing many advantages for issuers, most notably allowing for prospectuses to be “passported”.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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