The European Securities and Markets Authority has published technical advice to the European Commission to support the Listing Act’s objectives of simplifying listing requirements, improving access to public capital markets for EU companies, and strengthening market integrity. The advice is intended to inform delegated acts to be adopted and amended under the Market Abuse Regulation (MAR) and the Markets in Financial Instruments Directive (MiFID). For MAR, the advice addresses public disclosure in protracted processes by identifying key moments for disclosure, clarifies circumstances in which delayed public disclosure is not permitted, and sets out a methodology under the Cross-Market Order Book Mechanism for identifying trading venues with significant cross-border activity. For MiFID, it focuses on reviewing the requirements applicable to multilateral trading facilities and their segments when registering as an SME growth market. The European Commission is expected to adopt the relevant delegated acts by July 2026. ESMA indicated it will continue work to support effective implementation of the Listing Act.
European Securities and Markets Authority 2025-05-07
European Securities and Markets Authority publishes technical advice to the European Commission on Listing Act delegated acts for Market Abuse Regulation and MiFID
ESMA has advised the European Commission to simplify listing requirements and enhance EU companies' access to public capital markets under the Listing Act. The advice informs delegated acts under the Market Abuse Regulation (MAR) and the Markets in Financial Instruments Directive (MiFID), addressing public disclosure, cross-border trading venues, and SME growth market registration. ESMA will continue to support the Listing Act's implementation.