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The Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019

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4.  In Annex 9, in item 11.1—

(a)in the first subparagraph, omit the third, fourth and fifth sentences and points (a) and (b);

(b)after the first subparagraph insert—

“In relation to a financial year beginning on or before the day on which exit day falls, such financial information must be prepared as mentioned in Article 35.

In relation to a financial year beginning after the day on which exit day falls, for issuers established in the United Kingdom, such financial information must be prepared in accordance with—

(a)UK-adopted international accounting standards, or

(b)if those standards are not applicable, UK accounting standards.

In relation to a financial year beginning after the day on which exit day falls, for issuers established in a country outside the United Kingdom, such financial information must be prepared in accordance with—

(a)UK-adopted international accounting standards,

(b)one of the accounting standards referred to in Article 35(5), or

(c)national accounting standards of that country that are equivalent to UK-adopted international accounting standards.

For an issuer established in a country outside the United Kingdom, if such financial information is not prepared according to the required standards, the following information must be included in the registration document—

(a)a prominent statement that the financial information included in the registration document has not been prepared—

(i)in the case of a financial year beginning on or before the day on which exit day falls, in accordance with International Financial Reporting Standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union, or

(ii)in the case of a financial year beginning after the day on which exit day falls, in accordance with UK-adopted international accounting standards, and

(b)immediately following the historical financial information, a narrative description of the differences between whichever of those international standards is relevant and the accounting principles adopted by the issuer in preparing its annual financial statements.”;

(c)in the final subparagraph, for “a Member State” substitute “the United Kingdom”.

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