ESMA - Final Report on Draft regulatory technical standards for the establishment of an EU code of conduct for issuer-sponsored research
ESMA has been required to develop regulatory technical standards (RTS) establishing a EU code of conduct for issuer-sponsored research by the Listing Act Directive. On 18 December 2024, ESMA published a Consultation Paper to seek stakeholders’ views on ESMA’s proposals for this RTS. The consultation period closed on 18 March 2025. ESMA received a total of 30 responses, 4 of which are confidential, and advice from the Securities and Markets Stakeholder Group.
Section 2 sets out the background. Section 3 contains the feedback statement relating to the draft technical standards on the EU code of conduct for issuer-sponsored research. Section 4 consists of three Annexes. Annex I contains the cost-benefit analysis undertaken in relation to the draft RTS. Annex II contains the advice of the Securities and Markets Stakeholder Group. Annex III contains the draft RTS.
The draft RTS are submitted to the European Commission for adoption. In accordance with Article 10 of Regulation (EU) 1095/2010, the European Commission shall decide whether to adopt the draft RTS within three months
