June 2025 – The EU Listing Act seeks to simplify listing requirements by alleviating administrative burdens, particularly for small and medium-sized enterprises (SMEs) within the EU. Key measures include the simplification of the prospectus regime, targeted amendments to the MiFID II framework, facilitation of dual listings and cross-border issuances, streamlining of rules to support listings and strengthen shareholder engagement, as well as the introduction of clearer rules on inside information and reduced compliance obligations for SMEs.
With regard to the latter, the EU Listing Act updates the insider list regime under the Market Abuse Regulation (“MAR”) by empowering the European Securities and Markets Authority (“ESMA”) to revise the existing Implementing Technical Standards (“ITS”) on insider lists. Notably, the simplified insider list format shall be extended to all issuers. ESMA is currently conducting a public consultation on these amendments and is required to submit draft standards to the European Commission (“EC”) by 5 September 2025. The EC is expected to adopt the corresponding delegated act by July 2026.
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