Scheda

ESMA has published its advice to the European Commission (EC) to support the Listing Act's goals to simplify listing requirements, enhance access to public capital markets for EU companies, and improve market integrity.

In relation to Market Abuse Regulation (MAR), the advice covers: (i) Protracted processes, identifying key moments for public disclosure; Delayed public disclosure, listing situations where delays are not allowed; and Cross-Market Order Book Mechanism (CMOB), indicating the methodology for the identification of trading venues with significant cross-border activity.

Regarding MiFID, ESMA focuses on the review of the requirements for multilateral trading facilities and segments for the purpose of registration as an SME growth market (SME GMs).

The technical advice facilitates the effective implementation of the Listing Act, by advising the EC on the delegated acts to be adopted and amended in relation to MAR and MiFID respectively.

The EC will adopt the delegated acts for which the technical advice was requested by July 2026