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What does Brexit mean? Brexit is the practical shorthand in legal drafting and advice for the United Kingdom’s withdrawal from the European Union and the legal, regulatory and trading changes flowing from it. It covers the UK’s cessation of EU membership on exit day (31 January 2020) and the cessation of the EEA Agreement’s application, the end of the implementation/transition period on IP completion day (31 December 2020), and the commencement, expiry or variation of post‑withdrawal trading and regulatory arrangements, including the UK‑EU Trade and Cooperation Agreement, the Windsor Framework (amending the Northern Ireland Protocol), and UK agreements with third countries...

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UK Market Abuse Regulation post‑Brexit: article‑by‑article onshoring changes to scope, disclosures, insider lists, market soundings and PDMR dealings—FCA/Treasury powers (archived)

Practice notes
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ARCHIVED : This Practice Note has been archived and is not maintained.

This Practice Note sets out the principal modifications to Retained Regulation (EU) 596/2014 (the UK Market Abuse Regulation) resulting from the onshoring process, of particular relevance to corporate lawyers. It summarises revisions to article 2 (Scope), article 3 (Definitions), article 5 (Exemption for buy-back programmes and stabilisation), article 9 (Legitimate behaviour), article 11 (Market soundings), article 12 (Market manipulation), article 13 (Accepted market practices), article 17 (Public disclosure of inside information), article 18 (Insider lists) and article 19 (Managers’ transactions).

The following statutory instruments are pertinent when considering amendments to the UK Market Abuse Regulation:

  • Market abuse (Amendment) (EU Exit) Regulations 2019 (Market Abuse Regulations 2019), made on 18 February 2019
  • Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019, made 26 March 2019, which amended the Market Abuse Regulations 2019 to make appropriate provision regarding Gibraltar (see regulation 8); these changes took effect immediately before IP completion day
  • Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019, made 5 September 2019, which introduced amendments to the Market Abuse Regulations 2019
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Web page updated on 27/05/2026

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