Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

ACT definition

What does ACT mean? In corporate and banking practice, ACT usually refers to the Association of Corporate Treasurers, the UK-based professional body for corporate treasury professionals, rather than a statutory “Act”. It is not defined in legislation or case law; the acronym is market terminology used in transaction documents and governance materials. The Association of Corporate Treasurers promotes professional standards in liquidity management, funding, cash and risk management, foreign exchange and derivatives. It publishes guidance and a code of ethics and awards recognised qualifications (including AMCT and FCT). In legal contexts, references to “ACT-qualified” personnel or to ACT good practice may appear in treasury policies,...

Brexit’s impact on UK employee share schemes: prospectus rules, data protection, social security, EMI, passporting, market abuse and directors’ remuneration reporting

Published by a LexisNexis Share Incentives expert

Practice notes

ARCHIVED: This Practice Note is archived and is no longer maintained or updated.

Level of uncertainty

Following the UK's withdrawal from the EU on 31 January 2020, and the eleventh-hour trade agreement with the EU, businesses and plan administrators are evaluating how Brexit will influence different elements of Share schemes across their organisations and operations. A positive development is that, with the arrival of the employee share scheme exemption under Regulation (EU) 2017/1129, the Prospectus Regulation, the principal obstacle formerly facing companies offering share incentives has, in practice, fallen away. Nonetheless, several other facets of share plans, and how they are operated, will or could be touched by Brexit. Despite the trade deal, questions persist around financial services, which may affect administrators and other advisers. Some matters demand additional steps, including monitoring internationally mobile staff and making sure social security contributions are settled in the correct jurisdiction appropriately.

Prospectus requirements

A leading impediment for employers trying to extend share plans in a given jurisdiction is where a prospectus is mandated by that country’s securities regime. Producing a prospectus can prove expensive and lengthy, and is typically only practical where the employer has a sufficient number of employees in that country...

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Jeremy Edwards

Baker McKenzie

Jeremy has 18 years' experience as an employee benefits lawyer and 2 years experience as a corporate lawyer. Jeremy advises on all aspects of employee share plans, executive compensation and the taxation of employees. Jeremy has substantial UK experience, including implementing plans for UK listed companies, advising on UK tax issues and dealing with share plans in the context of corporate transactions. Jeremy also has extensive experience in connection with the implementation of share plans globally and working with multinational clients....

Gill Parnell

Baker McKenzie

Gill advises on a wide variety of matters relating to employee share incentives and employment taxation, including executive remuneration and the taxation of internationally mobile employees. Gill has a focus on the tax aspects of the modern workforce and, in particular, is helping clients to prepare for the changes in IR35. Gill assists UK and multinational companies with the design, implementation and administration of their UK and international share plans. She also advises on employee share incentives and executive remuneration in the context of corporate transactions. Gill has been named by Legal 500 as a "Next Generation Lawyer" in 2017 and a "Rising Star" in 2019....

Web page updated on 21/05/2026

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