On 4 October 2019, the FCA published issue 24 of its Primary Market Bulletin (PMB).

This issue of PMB provides an update on Brexit and a brief overview of the FCA’s proposals in relation to the European single electronic format (ESEF) requirements which apply to issuers on EU markets from 1 January 2020. The PMB also provides an outline of the FCA’s thematic review into understanding the money laundering risks in capital markets and provides an update on the Prospectus Regulation which came into force on 21 July 2019.

As regards Brexit the PMB provides an update to the two special Brexit related editions of PMB published in February and March this year covering the Short Selling Regulation, the Market Abuse Regulation, the Prospectus Regime, Listing Rules, Disclosure Guidance and Transparency Rules.

In terms of ESEF, the FCA proposed a new rule in the Disclosure Guidance and Transparency Rules sourcebook in its September 2019 quarterly consultation paper. The FCA’s proposals cater for the scenario where the UK remains subject to EU law on 1 January 2020. In other cases, the regulator will update the market further in its plans for implementation as part of its feedback on the quarterly consultation. In the PMB the FCA describes its role in implementing the ESEF in the UK and what issuers need to do to comply with the ESEF.