On 8 April 2025, the European Securities and Markets Authority (ESMA) published a Final Report containing technical advice on amendments to the research provisions in the MiFID II Delegated Directive (Commission Delegated Directive (EU) 2017/593 of 7 April 2016) in the context of the Listing Act (Regulation (EU) 2024/2809 and Directive (EU) 2024/2810).
Securities
ICMA updates Recommendations for Reporting under the SFTR
On 28 March 2025, the International Capital Market Association published an updated version of its Recommendations for Reporting under the Securities Financing Transaction Regulation. A blackline version has been published alongside the updated version, highlighting the changes.
ESMA consults on draft technical advice under the Prospectus Regulation and issues CfE on prospectus liability
On 28 October 2024, the European Securities and Markets Authority (ESMA), issued a consultation paper on draft technical advice under the Prospectus Regulation and a call for evidence (CfE) on prospectus liability.
Background
On 8 October 2024, the Council of the EU adopted the Listing Act, a legislative proposal intended…
Council adopts listing act package
On 8 October 2024, the Council of the EU announced that it has adopted the listing act, a legislative package that is intended to make EU public capital markets more attractive for EU companies and facilitate the listing of companies of all sizes, including SMEs, on European stock exchanges. Following the Council’s adoption, the…
ESMA Position Paper on EU capital markets: building more effective and attractive capital markets in the EU
On 22 May 2024, the European Securities and Markets Authority (ESMA) published a Position Paper on ‘Building more effective and attractive capital markets in the EU’. The Position Paper includes 20 recommendations to strengthen EU capital markets and address the needs of European citizens and businesses.
ESMA’s recommendations for a well-functioning capital market…
ESMA updated document – links to national websites where net short positions in shares are disclosed

On 14 November 2023, the European Securities and Markets Authority (ESMA) updated its document setting out links to Member State websites where net short positions in shares are disclosed.
Article 9 of the Regulation on short selling and certain aspects of credit default swaps provides that net short position in shares should be…
ESMA updated document – links to national websites where net short positions in shares are disclosed

On 14 November 2023, the European Securities and Markets Authority (ESMA) updated its document setting out links to Member State websites where net short positions in shares are disclosed.
Article 9 of the Regulation on short selling and certain aspects of credit default swaps provides that net short position in shares should be…
ESMA updates Q&As on the Prospectus Regulation

On 3 February 2023, the European Securities and Markets Authority (ESMA) updated its Questions and Answers (Q&As) on the Prospectus Regulation.
The Q&As have been updated to include the following Q&A:
Question: Article 1(4)(d) of the prospectus regulation states: “The obligation to publish a prospectus set out in Article 3(1) shall…
CMU: New proposals on company listing to make EU capital markets more attractive

On 7 December 2022, the European Commission published the following proposals which follow up on its commitment to simplify EU listing rules, as detailed in Action 2 of the 2020 Capital Markets Union Action Plan:
…ESMA publishes updated Q&As on the Prospectus Regulation

On 13 October 2022, the European Securities and Markets Authority published updated questions and answers (Q&As) on the Prospectus Regulation.
The Q&As now include Question 15.9: Prospectus exemption in connection with a takeover by means of an exchange offer.