Consultation on the Listing Act
Background read – in case you missed it: Investment compliance offices might take note of proposed regulatory changes that would affect SME growth markets in the EU (or “Multilateral Trading Facilities” in MiFID II parlance). The European Commission has recently concluded a consultation on the Listing Act, intended to further address “the underdevelopment of market-based finance in the EU”. EU regimes potentially affected include the Prospectus Regulation, the Market Abuse Regulation, MiFID II and the Listing Directive. Shareholders, including investment managers, should also note that the potential changes could impact the Transparency Directive, requiring them submit “major holdings” notifications for their investments in issuers listed on SME growth markets (in addition to the Regulated Markets currently provided for) across the EU.
View the full consultation here.