ESMA publishes statement supporting the smooth implementation of the Listing Act – simplifying prospectus compliance for issuers
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has issued a statement with practical guidance to national competent authorities (NCAs), issuers, and their advisors on the application of the revised prospectus framework introduced by the Listing Act.
ESMA clarifies that any registration documents and universal registration documents approved or filed until 4 June 2026 fall within the scope of the Article 48a transitional regime, meaning they may continue to be used in prospectuses throughout their validity period. This approach aligns with ESMA’s simplification and burden reduction efforts while maintaining investor protection.
ESMA also offers guidance on what disclosure to include in EU Follow-on prospectuses and EU Growth issuance prospectuses until the in the Delegated Act amending Commission Delegated Regulation (EU) 2019/980 will start applying.
Next steps
ESMA expects NCAs to follow the approach outlined in the statement, enabling issuers and advisors to rely on its content.
Further information:
Iris Hude
Communications Officer
press@esma.europa.eu