Key highlights of Listing Act changes
- Dual Threshold System: issuers are exempted from the obligation to prepare a prospectus for offers below EUR 12 million (or EUR 5 million upon Member State decision). This aims to facilitate easier offerings of small value.
Prospectus Preparation Exemptions for Secondary Offerings: New and synchronized exemptions from obligation to prepare prospectus for public offers and for the admission to trading on a regulated market or an SME growth market of securities fungible with securities already admitted to trading.
New Prospectus Types: The EU Follow-on Prospectus - a maximum 50 pager for secondary offerings / admissions of securities for issuers that already have securities admitted to trading; and the EU Growth Issuance Prospectus - a maximum 75 pager for SMEs.
Standardization and Simplification: The Act standardizes prospectus formats, reduces page limits and scope required for historical financial information, and allows for the incorporation by reference of management and sustainability reports.
Market Abuse Regulation Amendments: Streamlined reporting requirements and expanded exceptions aim to reduce administrative burdens while maintaining transparency and investor protection.
We present more information in a detailed summary of the most significant changes introduced by the Listing Act. We highly encourage all EU capital markets participants and professionals to familiarize with the Listing Act key changes to understand how these amendments can benefit your future plans and facilitate easier access to capital.
Listing Act: Key changes summary
Support for capital markets
- For companies going public
- At every stage of the transaction
- And in every aspect of preparing the company for the applicable requirements for public companies
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