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
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
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
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
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
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:
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.
On 7 July 2022, the European Securities and Markets Authority (ESMA) issued a public statement on prospectus supervision in the context of EU sanctions connected to Russia’s invasion of Ukraine.
The statement alerts stakeholders to the European Commission’s FAQs, which cover the scope and implementation of EU sanctions and concerns whether there is sufficient legal
Germany further broadens the scope of its new legislative regime for electronic securities: On 18 June 2022, the German Regulation on Crypto Fund Units (Verordnung über Kryptofondsanteile – KryptoFAV; link) entered into force. The KryptoFAV introduces the possibility to issue units in common funds (Sondervermögen) via decentralised crypto securities registers
On 28 April 2022, the International Organization of Securities Commissions (IOSCO) published a report setting out some issues and considerations for regulators when reviewing the regulation of market data.
The report provides feedback on IOSCO’s earlier consultation report ‘Market Data in the Secondary Equity Market’ and offers the following considerations that regulators may find helpful