Market Abuse

LISTING ACT

The Listing Act was published in the Official Journal of the EU on 14 November 2024 and entered force on 4 December 2024, with some provisions taking effect at later dates. The aim of the Listing package is to make EU public capital markets more attractive for EU companies and make it easier for companies of all sizes, including SMEs, to list on European stock exchanges. The legislative package includes a Regulation amending MAR including disclosure in a protracted process and the conditions to delay disclosure, which apply from June 2026.

On 7 May 2025 ESMA published technical advice to the Commission on the delegated acts to be adopted and amended in relation to MAR (and MiFID). In relation to MAR, ESMA’s advice covers the disclosure of inside information in a protracted process, the conditions for delaying disclosure of inside information (including where there is conflict with previous public announcements), and the methodology and preliminary findings for identifying trading venues with significant cross-border activity for cross-market order book implementation.

The European Commission is due to adopt the delegated acts for which the technical advice was requested by July 2026.

INSIDER LISTS

ESMA’s consultation paper proposing changes to the format for drawing up and updating insider lists (as part of the Listing Act amendments to MAR) closed on 3 June 2025. ESMA plans to finalise the implementing technical standards (ITS) and submit them to the European Commission in Q4 2025.

The Listing Act requires that ESMA review the existing ITS on insider lists to extend the simplified format (currently used by issuers on SME Growth Markets) to all issuers.

ESMA’s proposal is that the revised ITS include three different insider list templates:

• The first template (events-based section of the insider lists) would no longer include the following: surname(s) at birth (if different), company name and address of the insider, personal telephone number, and personal full home address. Issuers will need to include the insider’s national identification number and only when this is not applicable, their date of birth (i.e. issuers would no longer be required to report both simultaneously).

• The second template (permanent section of the insider list) would no longer require the following personal data in respect of the insider: surname(s) at birth (if different), personal telephone number and personal full home address. Again, the national identification number and insider’s date of birth would no longer be required simultaneously. The second template does not replace the events-based list which those issuers would still be required to draw up.

• The third template is specific to SME Growth Market issuers under the simplified regime.