European Securities and Markets Authority consults on technical advice on Listing Act implications

The European Securities and Markets Authority has published a consultation on technical advice required following changes to the EU Market Abuse Regulation and the Markets in Financial Instruments Directive and Regulation as a result of the Listing Act. Regarding MAR, ESMA is invited to provide technical advice on the disclosure of inside information in a protracted process, and conditions to delay the disclosure of inside information. ESMA is also providing information on the revenues of trading venues with a cross-border activity above 50% in the context of the Cross Market Order Book mechanism to exchange order data. Regarding MiFID, ESMA is providing technical advice on the delegated acts regarding requirements for a multilateral trading facility (or an MTF segment) to be registered as a Small and Medium Enterprises Growth Market.

In line with the objectives of the Listing Act, ESMA's technical advice aims to ensure that the EU's regulatory framework promotes better access to public capital markets for EU companies, especially SMEs, by reducing the administrative burden of listing while ensuring integrity and confidence in capital markets. The deadline for comments is February 13, 2025. ESMA aims to deliver its technical advice to the EC before the set deadline or April 30, 2025.

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